METALS: Copper Up As Trump Tariff Threat Classes With Softer Demand Signals

TYH5 is dealing at 108-19+, +0-04+ from NY closing levels, in today’s Asia-Pac session. 

• US stock futures are dealing lower ahead of key earnings week, with the S&P 500 and the Nasdaq down ~0.50%.
• “In a social media post on Sunday, Trump said he ordered an emergency 25% tariff on all Colombian goods coming into the US, which will be raised to 50% in a week. Oil, gold, coffee and flowers top the list of exports, according to Colombia’s tax authorities.” (per BBG)
• Cash bonds are dealing 1-3bps richer in today’s Asia-Pac session, with a flattening bias, after finishing Friday mildly stronger.
• Focus this week is the FOMC policy announcement on Wednesday.

• Gold has had a stellar start to 2025 and last week delivered the best weekly gains thus far.
• Gold gained +2.4% last week driven by a ‘safe-haven’ bid in the face of mounting tariff risks.
• This week has started no differently with news that President Trump intends to levy up to 25% tariffs on Colombia following the turning away of a flight from the US, deporting illegal immigrants.
• Gold closed Friday at US$2,770.58 and has given some of that back in early trading, down to $2,767.00
• Over the weekend Ghana’s released it’s trade surplus details, rising US$5bn, driven by a 50% increase in gold exports to $11.6bn. 

• Thailand to Sell 40 Billion Thb of 182-Days Bills
• MAS to Sell S$15.9 Billion 25-Day Bills
• MAS to Sell S$22.5 Billion 83-Day Bills
• Philippines To Sell PHP 7.0Bln 90D Bills (PH0000058463)
• Philippines To Sell PHP 7.0Bln 181D Bills (PH0000058935)
• Philippines To Sell PHP 8.0Bln 363D Bills (PH0000059818)
• Bank of Korea to Sell 1 Trillion Won 91-Day Bonds