Goldman Sachs on Monday said the copper market is pricing in odds of about 50% that there will be a 10% U.S. tariff on the metal by the end of the first quarter of this year.

Premiums for gold traded on the US-based Comex over the London spot market halved following the news report, to around $20 an ounce.

Goldman Sachs said the copper market is currently pricing in a 50% chance of a 10% US tariff on the red metal by the end of first quarter.

Goldman Sachs reported Monday that the copper market is pricing in a 50% chance of a 10% U.S. tariff on the metal by the end of Q1 2025. The banks own estimate aligns with this, assigning a 50% probability of such