KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
The global copper market was thrown into turmoil after President Donald Trump imposed 50% tariffs on copper imports, but unexpectedly exempted refined metals, triggering the sharpest price drop in U.S. copper futures history.
What Happened:
Comex copper futures plunged 22%, wiping out a record premium over London Metal Exchange (LME) prices.
Traders who stockpiled copper in the U.S. ahead of tariffs saw profits evaporate as the exemption derailed expectations.
Massive volumes now sit in U.S. warehouses, sparking speculation of potential re-exports.
Market Impact:
The move disrupted what some called the biggest copper trade in decades, after traders rushed shipments to U.S. ports earlier this year.
Comex prices swung from a 30% premium to a discount versus LME copper in just a week.
LME copper slid 1.2% to US$9,578.50/tonne, while Comex copper dropped to US$4.347/pound.
Policy Details:
The 50% tariff covers semi-finished products such as pipes, wires, and electrical components.
Raw materials like ore, concentrates, cathodes, and anodes are exempt.
The Department of Commerce recommended delaying refined copper tariffs, starting at 15% in 2027, rising to 30% in 2028.
Takeaway:
Trump’s last-minute exemption shocked the market, reversing a year of profitable arbitrage trades and highlighting the volatility of U.S. trade policy. While the move provides relief for U.S. buyers, it underscores concerns about America’s ability to rapidly rebuild domestic copper supply chains.
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