09.07.25 - More tariffs - targeting commodities
US President Donald Trump is targeting a new market in his global trade war: copper. He announced plans to impose a 50% tariff on copper imports, triggering a sharp reaction in commodity markets. Copper futures in New York soared, posting their largest intraday gain in decades following the announcement.
While Trump did not provide a precise implementation date, he suggested the tariffs could be enacted within the next 12 to 18 months.
Markets: Copper futures jumped more than 10% yesterday in New York - no impact on other precious or industrial metals - most posting small declines today
Chart on Copper (1 year) - and my transactions
Source: TradingView - 09.07.2025
My view: The commodity sector is back in the spotlight. While gold has been a focus for several years, attention has increasingly shifted to other metals and rare earths since April this year.
The global fight for resources is intensifying. China, the world’s largest producer of rare earths, is tightening export controls. Only a comprehensive trade deal with the US could ease some tensions. Rare earth elements are critical across the technology spectrum, from electric vehicles to military applications.
The market’s reaction to the copper tariff news has been strong. Yet, considering limited global supply and rising structural demand, copper prices together with other metals with a supply deficit like platinum may still have room to climb. That’s why I continue to hold my copper exposure together with other metals like platinum, silver and gold.
I’ve built most of this commodity exposure over the past few months, particularly following Trump’s announcement, planning a rare earth deal with Ukraine, which I interpreted as a clear signal: the global race for limited resources is accelerating.
Position Disclosure:
- Copper ETF (3x leveraged) Performance sind last buy: 102.9% - 09.04.25
- Silver ETF (3x) 66% - 09.04.25
- Platinum ETF 45.8% - 09.04.25
- Gold ETF 0.3% - 20.05.25
- Gold Miners ETF 13.9% - 20.05.25
- Global Miners ETF 21.0% (net) - 26.02.24
- Rare Earth Miners ETF 7.2% (net) - 28.02.25
- several mining stocks (not specifically mentioned here)
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