The markets are searching for their bearings. Like publicly traded companies, industrial raw materials are not immune to the turmoil caused by geopolitical tensions. The first trading sessions of the week on Monday, April 7, demonstrated investor nervousness. Copper opened with a 7% drop on the London Metal Exchange (LME), before returning to positive figures. Aluminum and zinc also traded higher in the morning, while gold was down.
The price of copper is being watched particularly closely. It is widely used in construction, but is also a key ingredient in electrical circuits, batteries and other electronic equipment, and is therefore at the heart of the ecological transition. It is often considered a good benchmark for the health of the global economy.
Since late January, when it fell below $9,000 (€8,200) per metric ton, it has rebounded. The first round of tariffs imposed by Donald Trump affected steel and aluminum imports into the United States, but not copper. Anticipating that this exemption could only be temporary, given the serious threats from the White House, American buyers rushed to purchase copper, contributing to the rapid increase in its price. Under the pressure of this buying frenzy, it surged above $9,500 per metric ton, even reaching $10,000 with the arrival of spring.
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