Copper Miners In Spotlight As Report Suggests Trump’s New Tariffs Likely To Cover Refined Metal

Copper miner stocks are expected to remain in focus on Monday after Bloomberg News reported that the Trump administration is set to include refined metal in its proposed 50% copper tariffs.

The new guidelines, if issued, could have a significant impact, as copper is used across several industries, including electric grid lines, electric vehicles, data centers, and missile systems. The report added that the measures have not been finalized yet and could still be subject to change.

Earlier this month, President Donald Trump shook the metal industry by announcing 50% import tariffs on copper. The U.S. imports nearly half the copper it consumes, most of it from Chile, according to the U.S. Geological Survey. Domestically, the U.S. has only three operational copper smelters.

Several metal companies, including Rio Tinto Group, Southwire, and Trafigura Group, have requested that the White House restrict exports of ore and scrap metal rather than imposing tariffs on imports.

However, Bloomberg News added that the White House’s Council of Economic Advisers met with industry representatives who asked the president not to include export controls on copper scrap. The United States produces more metal scrap than it consumes each year and exports the surplus.

Retail sentiment on Stocktwits about copper miner Freeport-McMoran (FCX) was in the ‘extremely bullish’ territory at the time of writing.

According to a Reuters News report, three-month copper on the LME rose 0.14% to $9,674 per metric ton by 7.02 a.m. GMT on Monday.

Freeport-McMoRan stock has gained 21.2% this year while the SPDR S&P 500 ETF has risen 5.8%.

Also See: Gold Prices Gain As Investors Flock To Bullion Amid Trump’s Fresh Tariff Threats On EU, Mexico

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