Commodities
Copper Mining Stocks Plummet Amid Tariff Uncertainty
US-listed copper mining stocks took a hit in premarket trading on Thursday, following a decline in copper prices that saw the metal retreat from its record high earlier in the session.
Benchmark three-month copper on the London Metal Exchange dropped by 3.1% to $14,312 per metric ton after reaching an all-time high of $14,875.
The price decrease was attributed to reports indicating that the White House has not yet decided on refined copper tariffs, amid concerns that higher prices could increase manufacturing costs.
Major mining companies such as Rio Tinto (NYSE:RIO) and BHP Group (NYSE:BHP) declined by 3.8% and 4.2%, respectively.