Recently, there has been a significant shift in the copper market. Initially, copper prices surged due to concerns over potential US tariffs affecting global supply. However, the market is now facing a steep decline following President Donald Trump's expansion of the trade war, impacting demand projections.

Copper, often seen as an economic indicator, is undergoing one of its most severe slumps in recent history. The price plummeted in response to Trump's new tariffs, triggering retaliatory actions from China and contributing to a decline in equity markets.

The downturn continued with copper prices dropping on the London Metal Exchange and the New York Comex exchange, marking a rapid shift from a recent all-time high. This trend has caused buyers to retreat as the market experiences volatility and uncertainty.

The volatile market conditions are setting the stage for discussions at Cesco Week in Santiago, a crucial annual event for the copper industry. Previously optimistic predictions about copper prices hitting $12,000 per ton have now turned into concerns about the ongoing trade tensions impacting global demand.

Experts caution against hasty decisions in this turbulent market environment. The potential ripple effects of the trade war on global demand, particularly in the US and China, highlight the need for a cautious approach to navigate the current challenges.