Goldman Ends LME-Comex Copper Spread Trade as US Tariffs Loom

The Trump administration could strike copper-supply deals that dilute the impact of tariffs on US pricing, according to Goldman Sachs Group Inc., which withdrew its long Comex-LME spread trade recommendation.

• Bank’s base case is that US tariffs at 50% start on Aug. 1 with no supplier exemptions and full product coverage, analysts incl. Eoin Dinsmore said in a note
• But Goldman also flagged the risk that US government could strike specific supply deals with copper-producing nations
• “We think there is an increasing risk to full tariff pricing from minerals diplomacy-linked offtake agreements or tariff exemptions for specific assets that the ...