While deGraaf said he thinks copper is now technically “oversold” but still within its broader trend, the market needs some time to stabilize. He said he expects volatility to

Imports of certain copper products into the US face a 50% tariff from Aug. 1 as President Donald Trump seeks to revive the domestic supply chain and make the country less reliant on foreign sources of this critical material.

Copper traders were caught flat-footed after refined copper was exempted from Trump's new tariffs. The exemption triggered a 20% drop in copper futures on the COMEX exchange. Traders now face excess inventory, with COMEX stockpiles at a 21-year high.