Cotton Hits Four-Week Low Amid Strong Dollar and Weak Demand

By Ryan Dezember

U.S. copper futures ended Thursday down more than 22%, by far their worst single-day drop on record, as traders reversed course following President Trump's tariff announcement late Wednesday.

Rather than imposing a 50% tariff on raw copper, as the market had been expecting since Trump's threat in early July to do so, the White House said the 50% tariff would be collected on imported copper products, like wire and pipe. Concentrate and ore from mines, scrap and less processed forms of the industrial metal, including cathodes, were excluded from import tax that takes effect on Friday.

U.S. copper prices surged to records and well above global prices earlier this month when Trump said he would slap a 50% import tax on copper. When the White House said less-processed copper would be exempt from tariffs, futures plunged and profits evaporated for many on Wall Street.

The slow-to-shift commodity trading computers programmed to follow long-term price trends were caught pointed the wrong way.

"We basically just gave up all the P&L that we had made on the tariff in about a minute and a half," said David Aspell, co-chief investment officer at Mount Lucas Management, which runs a big trend-following fund. "It's gone from a pretty good winner into a small loser, which is not disastrous but it's not great."

The firm's actively managed fund also trades copper futures but got out before Wednesday's crash. The fund's managers locked in gains when the rise in U.S. futures stalled out around a 25% premium to the global price set in London's trading pits. That is where the firm expected the tariff rate to settle once certain exporting countries negotiated for exemptions and lower rates, Aspell said.

He said he expects a few more days of turmoil while wrong way trades are unwound, and is looking to bet anew on rising copper prices.

"You still need more copper and it's not going to be incentivized with prices here," Aspell said. "It should grind its way back up as it trades on its own fundamentals rather than implied tariff rates."

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

Emrich will lead customer and sales organizations at Southern Company's wireless telecommunications subsidiary

ATLANTA, July 31, 2025 /PRNewswire/ — Southern Linc announced today that Adam Emrich has been named Vice President of Customer Solutions and Sales, effective August 2 by the Southern Linc Board of Directors. A subsidiary of Southern Company , Southern Linc provides mission critical LTE wireless services to Southern Company subsidiaries including its electric and gas utilities and to public sector customers in Alabama, Georgia and southeast Mississippi.

In his new role, Emrich will oversee Southern Linc's Sales and Marketing, Customer Experience, and Customer Operations teams. He will be responsible for all aspects of the customer experience, including sales, product marketing, customer care, procurement, warehousing and distribution, and billing and collections.

"Adam brings expertise in business optimization and effectiveness, financial leadership and customer engagement to the Southern Linc team," stated President and CEO Bentina Terry. "He is a strategic thinker, a team and culture builder, and a person with a mindset for action. We are excited to have him with us," she continued.

Emrich joins Southern Linc from Georgia Power, where he served as Customer Solutions Operations Director. In that capacity, he was responsible for engineering, construction, maintenance, procurement, customer support, and financial reporting for Georgia Power's unregulated business portfolio.

Emrich began his career with Georgia Power in the Professional Development Program and since then, he has held roles with increasing responsibility, including roles in Power Delivery, Region External Affairs, Accounting, Finance & Treasury, Sales, and Customer Solutions. He holds a Bachelor's degree in Business Administration from Georgia State University.

In addition to his professional achievements, Mr. Emrich is actively involved in the community. He serves on the advisory board of the Atlanta Community Food Bank and is also a dedicated youth sports coach.

About Southern Linc

Southern Linc is a wireless communications company that is wholly owned by Southern Company. Southern Company is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy solutions provider with national capabilities, a fiber optics network, and telecommunications services. Southern Linc provides highly reliable, highly secure wireless voice and data services via their CriticalLinc(TM) 4G LTE Advanced network to Southern Company subsidiaries including its electric and gas utilities as well as to a wide range of businesses and public sector agencies across Alabama, Georgia, and southeastern Mississippi. The CriticalLinc LTE network provides over-the-air encryption from devices to towers and supports encryption from towers to the network's core data centers. This mission-critical network conveys a highly reliable suite of services that can support the most critical business processes. To learn more, visit www.southernlinc.com.

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SOURCE Southern Linc

Corn and wheat caught a boost in part from higher U.S. tariffs on Mexican goods being delayed for another 90 days. But soybeans remain down 0.7% for the day on expectations of a bigger-than-expected Midwestern crop. "The market is probing the downside amid large U.S. crop potential," says AgResource in a note. Many estimates for 2025 soybean yield will emerge in August. Corn is up 0.4%, but wheat is now virtually flat. (kirk.maltais@wsj.com)

Rice futures plunged below $12.30 per hundredweight, hitting their lowest level since early 2021, as global supply continues to far outpace demand.

India’s return to export markets unleashed a flood of competitively priced long-grain broken rice, undercutting Southeast Asian rivals and intensifying pressure on global benchmarks.

At the same time, global rice production for 2025/26 is projected at a record 538?million tons, pushing total supply to nearly 743?million and keeping international inventories burdensomely high.

In the US, USDA data show ending stocks rising to a five-year peak of 47.5?million cwt amid tepid domestic use and only a modest export rebound, constrained by ample carryover.

July’s brief recovery failed to alter the oversupplied landscape, and with demand still sluggish, particularly across price-sensitive African and Asian markets, futures remain firmly anchored in a downward trend.

Front Month Comex Copper for August delivery lost 69.95 cents per pound, or 13.91% to $4.3305 this month

• Largest one month net and percentage decline since Sept. 2011
• Snaps a two month winning streak
• Today it is down $1.2395 or 22.25%
• Largest one day net and percentage decline on record
• Down for two consecutive sessions
• Down five of the past six sessions
• Lowest settlement value since Thursday, April 10, 2025
• Off 25.27% from its 52-week high of $5.795 hit Wednesday, July 23, 2025
• Up 9.98% from its 52-week low of $3.9375 hit Wednesday, Aug. 7, 2024
• Rose 6.49% from 52 weeks ago
• Off 25.27% from its 2025 settlement high of $5.795 hit Wednesday, July 23, 2025
• Up 8.57% from its 2025 settlement low of $3.9885 hit Thursday, Jan. 2, 2025
• Off 25.27% from its record high of $5.795 hit Wednesday, July 23, 2025
• Year-to-date it is up 34.45 cents or 8.64%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data, FactSet

Front Month Comex Silver for August delivery gained 70.00 cents per troy ounce, or 1.95% to $36.552 this month

• Up for three consecutive months
• Up $4.021 or 12.36% over the last three months
• Largest three month net and percentage gain since March 2025
• Up four of the past five months
• Today it is down $1.014 or 2.70%
• Largest one day dollar and percentage decline since Friday, April 4, 2025
• Down for two consecutive sessions
• Down six of the past seven sessions
• Lowest settlement value since Wednesday, July 9, 2025
• Off 7.04% from its 52-week high of $39.32 hit Tuesday, July 22, 2025
• Up 36.24% from its 52-week low of $26.83 hit Wednesday, Aug. 7, 2024
• Rose 29.02% from 52 weeks ago
• Off 7.04% from its 2025 settlement high of $39.32 hit Tuesday, July 22, 2025
• Up 25.54% from its 2025 settlement low of $29.116 hit Friday, April 4, 2025
• Off 24.94% from its record high of $48.70 hit Thursday, Jan. 17, 1980
• Year-to-date it is up $7.612 or 26.30%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data, FactSet