Copper Prices Fall from Record High Amid Tariff Uncertainty
US copper mining stocks took a hit on Thursday as copper prices retreated from a record high. The White House has yet to decide on refined copper tariffs, sparking concerns that higher prices could boost manufacturing costs.
Copper prices had reached a record high of $14,875 per metric ton earlier in the session but fell 3.1% to $14,312 after reports emerged about the potential tariffs.
Shares of major mining companies including Rio Tinto () and BHP Group () declined significantly, with Rio Tinto falling 3.8% and BHP Group down 4.2%. Copper miners Southern Copper () and Freeport-McMoRan () were also affected, with Southern Copper plummeting 6.5% and Freeport-McMoRan dropping around 8%
Canadian mining companies such as Hudbay Minerals (), Ero Copper (), and Teck Resources () also declined, with Hudbay losing 6.2%, Ero down 5.6%, and Teck falling 7.7%.