Copper prices continued to fall sharply on Friday amid heightened global economic uncertainty and escalating trade tensions between the United States and China.
Copper prices on New York’s COMEX fell 6.6% to $4.51 per pound on Friday morning.
The COMEX is down almost 12% over the past five days after reaching an all-time high last week.
The selloff is attributed to fears surrounding US tariffs and retaliatory measures from China, the world’s fourth largest copper producer.
Beijing is imposing an additional 34% tariff on all imports from the US starting on April 10, along with export controls on critical materials such as rare earths.