This decision, according to Macquarie commodities strategists led by Alice Fox, “significantly weakens the case for copper tariffs,” although it cannot be ruled out entirely. For the time being, the US is likely to maintain “status quo” and postpone its decision on copper tariffs, the analysts wrote in a note published last week. A similar dynamic is emerging in copper, Macquarie noted. Elevated premiums in Europe are also attracting contract metal that had been scheduled for delivery to the US, the Macquarie strategists said. However, if tariffs are ultimately ruled out, the copper arbitrage trade would likely reverse, releasing accumulated US inventories back into the market and potentially triggering a sharp correction in prices, they added.