Tongling Metals warns US tariffs to drag short-term copper outlook
me-metals: Tongling Nonferrous Metals Group Co. said US tariffs will be a drag on copper in the short term, though it remains confident about the long-term growth trend underpinned by demand from the tech industry.
According to me-metals cited from mining.com, Recent US tariff policies “directly impacted the global market, increasing concerns about the curbing of global economic growth,” it said in an exchange filing. “Copper demand will also see a sharp decline in demand if global trade weakness and an expected slowdown in economic growth lead to lower industrial demand.”
The Chinese copper producer’s net income rose to 2.8 billion yuan ($383 million) in 2024 from 2.7 billion yuan the year before, helped by higher copper prices and solid electrification demand. Going forward, it still sees energy transformation and artificial intelligence development driving demand for the metal.
The global copper market faces significant challenges from global tariff uncertainty and competition. Tongling earlier cut run rates and brought forward planned maintenance as a plunge in processing fees and competition forced producers to scale back some operations.
Processing fees have been collapsing as local smelters have added capacity in recent years. Still, Chinese copper smelters boosted output to a record last month, as rising prices for by-products including gold and sulphuric acid eased pressure on margins.
source: mining.com
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