July Market Minute 2025

Copper Caution?

On July 30, refined copper, originally set to face a 50% tariff, was granted an exemption. The result? COMEX copper prices dropped nearly 20% within minutes, showing just how quickly markets can react to policy changes.

Could this be a warning sign for buyers of other metals, like aluminum? Absolutely.

Premiums like the Midwest Premium are already volatile and could be just as exposed to sudden shifts in trade policy. While demand—especially from automotive—is keeping prices elevated, that could change fast.

The copper story is a clear reminder: in today’s environment, metal prices can swing hard on short notice.

Steel Stays Steady

The steel market continues to hold its ground. Most producers are seeing steady or slightly improved demand, with production levels mostly unchanged. There have been a few sourcing or logistics hiccups, but nothing major.

Key sectors like construction and automotive are still driving the flow of material, but buyers are being cautious. Many are choosing to place smaller, more frequent orders while they wait to see how tariffs and pricing trends unfold.

Some mills are adjusting operations, which could affect supply down the line.

What’s Happening at the Factory

Texas factory activity jumped in July, with production hitting a three-year high, according to the Federal Reserve Bank of Dallas. While new orders are still slightly down, capacity utilization and shipments both turned positive. Business sentiment rebounded too, ending a five-month slide.

That said, across manufacturing sectors, the overall tone is still cautiously pessimistic. Here’s what stood out from the recent survey feedback: