Raw copper materials will not face the high duty that had been expected, but consumer goods prices may still be impacted.

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.

Comex copper plunged over 19% in minutes after Trump excluded refined metal from his planned import tariff - the largest intraday fall on record. Prices later pared some of the losses.