The strengthening of the US dollar combined with the impending copper tariffs has put pressure on the prices of basic metals overall.

On July 17, the prices of base metals fell across the board, with the three-month copper contract on the London Metal Exchange dropping by 0.2% to $9,617.50 per ton, and aluminum prices falling by 0.4% to $2,564.50 per ton. Sucden Financial pointed out that LME copper inventories continue to increase, as copper originally destined for the United States is being redirected back to exchange warehouses. With the deadline for the implementation of U.S. copper tariffs approaching, exporters are facing greater logistical pressures. Research director Daria Efanova stated that speculative positions in the U.S. copper tariffs are diminishing, combined with the strengthening of the U.S. dollar, resulting in general pressure on the base metals sector.