bank commodities strategy
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ING THINK · Netherlands · COMEX copper stocks hit a record as the Section 232 clock runs down
ING walks through the Section 232 mechanics: ore, concentrate, cathode and scrap are exempt, with a phased duty on refined copper proposed at 15% from 2027 rising to 30% in 2028, pending the Commerce report due June 30. Flags the distortion of pulling global metal into US sheds.
“The Commerce Department must update its Section 232 recommendations by June 30, following proposals for refined-copper tariffs of 15% in 2027 rising to 30% in 2028.”