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Gower: Copper Likely to Remain Well Supported

Bloomberg
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Copper prices rose for a second consecutive day in February 2026 as US tariff policy uncertainty weakened the dollar, boosting demand for the industrial metal. The US Supreme Court blocked President Trump’s emergency powers for reciprocal trade duties, forcing his administration to impose a 15% global tariff instead, further destabilizing markets. Gold and silver also climbed amid the tariff-driven volatility, reflecting investor shifts toward safe-haven assets as trade tensions escalated globally. Amy Gower, Morgan Stanley’s metals strategist, told Bloomberg that copper’s fundamentals remain strong, suggesting sustained support despite policy-driven fluctuations. The tariff shifts and dollar decline underscore copper’s sensitivity to macroeconomic policies, reinforcing its role as a bellwether for industrial and trade health.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Feb 23rd, 2026Gower: Copper Likely to Remain Well SupportedCopper rose for a second day as uncertainty around US tariff policy and its impact on broader markets drove a decline in the dollar. Meanwhile gold & silver also traded higher over tariff uncertainty. The US Supreme Court ruled against President Donald Trump's use of emergency powers to set reciprocal trade duties, prompting the administration to roll out an alternative 15% global levy. Amy Gower, Metals & Mining Commodities Strategist at Morgan Stanley spoke to Bloomberg’s Horizons Middle East and Africa anchor Joumanna Bercetche.Duration:6:29Duration:13:10Duration:1:06Duration:9:43

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