Copper Prices Retreat from Record Highs, US Mining Shares Decline

Copper prices retreated from record highs in Thursday's trading session, causing US-listed shares of copper mining companies to decline. Benchmark three-month copper on the London Metal Exchange dropped by 3.1% to $14,312 per metric ton after touching a record high of $14,875 earlier in the day.

The price decrease was attributed to reports that the White House had not yet decided on refined copper tariffs, amid concerns that higher prices could increase manufacturing costs for US companies.

US-listed shares of mining giants Rio Tinto and BHP Group fell 3.8% and 4.2%, respectively, while copper miners Southern Copper and Freeport-McMoRan declined by 6.5% and approximately 8%. Canadian mining companies also suffered losses, with Hudbay Minerals losing 6.2%, Ero Copper down 5.6%, and Teck Resources falling 7.7%.

The decline in copper prices and subsequent drop in mining shares may have significant implications for the industry, particularly if refined copper tariffs are implemented.