Traders brace for June 30 Commerce milestone on a phased refined-copper tariff

SMM said the COMEX-LME spread had reached nearly $690 a tonne in early June as traders positioned for a June 30 milestone in the Section 232 copper investigation. The question was whether Commerce would confirm a phased duty on refined copper of 15% from 2027 and 30% from 2028. Refined cathode was still outside the existing 50% duty at the time.

• COMEX-LME spread reached nearly $690 a tonne in early June
• June 30, 2026 was the Commerce update deadline on domestic copper markets
• Phased refined-copper duty under study: 15% from 2027, 30% from 2028
• Refined cathode remained outside the existing 50% duty