Goldman Sachs on Monday said the copper market is pricing in odds of about 50% that there will be a 10% U.S. tariff on the metal by the end of the first quarter of this year. Analysts at the U.S. investment bank said in a client note that the estimate is similar to their own 50% subjective probability of a 10% effective tariff on copper by year-end.

Copper prices in 2025 face pressure from Trump, tariffs, strong dollar, and energy transition setbacks, analysts warn.

Goldman Sachs stated in a client note on Monday that the copper market is currently pricing in a 50% probability of a 10% US tariff on the red metal by the end of the first quarter, according to a Reuters report.

Goldman Sachs reported Monday that the copper market is pricing in a 50% chance of a 10% U.S. tariff on the metal by the end of Q1 2025. The banks own estimate aligns with this, assigning a 50% probability of such