Trump picks a new Fed chief as copper trade warps - Jan 30, 2026

As of January 30, today’s news is dominated by a shift at the Federal Reserve and growing distortions in global copper trade driven by tariff risks. In a significant announcement, President Donald Trump has nominated former Federal Reserve Governor Kevin Warsh as the new head of the Federal Reserve after meeting with him at the White House. Trump's decision prioritized candidate more closely aligned with his desire for lower interest rates, a shift from his earlier support of Jerome Powell. Meanwhile, China's net imports of refined copper last year were the lowest since 2017 at 3.03 million metric tons, according to the World Bureau of Metal Statistics, which sources data from China's General Administration of Customs. While inbound shipments dropped by a relatively modest 5% relative to 2024, the big change was a dramatic jump in exports. The world's largest buyer of copper shipped out almost 800,000 tons. The unprecedented counter-flow was driven by the global dislocation created by the threat of U.S. import tariffs and the resulting high premium for physical delivery to the United States. In corporate developments, China's Aluminium Corporation and Rio Tinto have jointly acquired a controlling stake in Companhia Brasileira de Aluminio for approximately 903.61 million dollars. This acquisition, likely to lead to a delisting from the São Paulo exchange, marks a significant partnership, allowing Chinalco and Rio Tinto to strengthen their market position in Brazil’s aluminum sector. On the energy front, Octopus Energy from the UK has officially ventured into China through a joint partnership with PCG Power aimed at trading renewable energy. This arrangement, which coincided with Prime Minister Keir Starmer's state visit, illustrates Britain's strategic inclination to export energy technology internationally while enhancing bilateral ties with China. On the telecommunications front, Verizon has exceeded market expectations for annual profit forecasts, boosted by a rise in wireless subscribers, marking its highest growth in six years. The company plans to leverage aggressive promotions to further enhance its market position alongside a significant share repurchase program. Looking at broader macroeconomic trends, the EU has stipulated that any post-Brexit energy deal with the UK will necessitate financial contributions to poorer EU member states. This condition may complicate forthcoming negotiations around re-establishing the two sides' energy markets, reflecting ongoing tensions in UK-EU relations post-Brexit.