Goldman Sachs withdraws recommendation to go long on the Comex-LME copper price spread.

date
29/07/2025
Goldman Sachs Group believes that the Trump administration may reach a copper supply agreement to mitigate the impact of tariffs on copper prices in the United States. The institution has therefore withdrawn its recommendation to go long on the Comex-LME copper price differential trade. Analysts such as Eoin Dinsmore stated in a report that the underlying assumption is still that the United States will impose a 50% tariff on copper starting from August 1, without exemptions for suppliers, covering all copper products. However, Goldman Sachs points out that the U.S. government may reach specific supply agreements with copper producing countries.