Copper had a volatile week. Futures climbed early in the week, peeking around $5.84 per pound before easing back to settle around $5.79 on Friday. That’s still near the upper end of its 52‑week range and sellers seemed hesitant given the backdrop of trade headlines and inventory shifts.

The big story was a surprise announcement that the U.S. will impose a 50 percent tariff on copper imports starting August 1. That sent COMEX futures soaring, as traders rushed to lock in today’s pricing, driving a sharp divergence between U.S. contract prices and the benchmark LME quotes. Meanwhile, physical shipments into the U.S. surged in recent months as importers tried to beat the tariff window.

Chile meanwhile, the world’s top copper supplier, is still waiting for detailed tariff guidance from Washington and hasn’t signalled a response yet. That uncertainty added to the feeling of a market in flux.

Volume in copper futures prices dipped from mid‑week high as Friday’s trading volume was notably lower and open interest crept up modestly. Overall activity suggests cautious investor sentiment rather than frenzy.

Freeport‑McMoRan, the biggest U.S. copper miner, delivered better than expected when it posted second‑quarter profits. Thanks largely to the recent rise in copper prices, earnings came in above forecasts even though production dipped slightly. That reinforced confidence among commodity bulls.

Looking ahead, eyes remain locked on what happens after August 1. Will the tariff trade unwind smoothly or kick prices into overdrive? Between government policy, supply shifts, and future data, it’s shaping up to be a pivotal few weeks for copper markets.