Southern Copper, Freeport Stocks Surge As Copper Prices Rise On Trump’s Tariff Comments – Retail’s Divided

Southern Copper Corporation (SCCO) and Freeport-McMoRan Inc. (FCX) saw their shares climb as much as 4% in premarket trading Wednesday after a Bloomberg report detailed a surge in copper prices, driven by U.S. President Donald Trump's comments on potential tariffs.

According to Bloomberg’s data, copper prices jumped more than 5% overnight, outpacing global benchmarks, after Trump suggested in a congressional address that imports of the metal could be subject to a 25% tariff. 

The comments come after Trump directed the Commerce Department to investigate whether copper imports should be subject to tariffs on national security grounds last week.

While the investigation was expected to take months, Trump indicated on Tuesday that he had decided on a 25% levy for copper, aluminum, and steel.

“I have also imposed a 25% tariff on foreign aluminum, copper, and steel,” Trump said in his speech. 

“Tariffs are about making America rich again. It is happening, and it will happen rather quickly,” he added. 

The administration has already signed an executive order implementing the tariff on aluminum and steel starting March 12.

On Stocktwits, retail sentiment around Freeport-McMoRan’s stock improved to ‘bullish’ from ‘neutral’ a day ago, accompanied by ‘high’ levels of chatter.

However, retail sentiment around Southern Copper’s stock remained in the ‘bearish’ zone. 

Despite Wednesday’s rally, both stocks remain in the red for the year. 

Freeport stock is down 9% year-to-date, while Southern Copper has lost 6%. Over a 12-month period, Freeport’s stock has declined 9%, whereas Southern Copper has gained 8%.

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