Canadian Copper Stocks Plunge Amid Record Price Reversal
Copper stocks in Canada plummeted on Thursday following a sharp reversal in copper prices from record highs. Ero Copper and HudBay Minerals, two major Canadian copper miners, led the decline with their shares falling by 7.9% and 7.3%, respectively.
The sudden drop in copper prices came as reports indicated that the White House had yet to finalize its position on tariffs for refined copper imports from Canada. The uncertainty weighed heavily on investors, who have been concerned about higher manufacturing costs for US producers.
Ero Copper's recent analyst downgrades also added to the company's decline. BTG Pactual, Bradesco BBI, and Freedom Broker each cut their ratings on Ero Copper to Neutral or Hold in early September, citing concerns about its near-term risk/reward after a strong rally.