Copper Prices Retreat, US Mining Stocks Take Hit
US-listed shares of mining companies dropped in premarket trading on Thursday after copper prices retreated from a record high. The benchmark three-month copper price on the London Metal Exchange fell 3.1% to $14,312 per metric ton, down from its earlier peak of $14,875.
The decline in copper prices came amid reports that the White House has not yet decided on refined copper tariffs. Officials are reviewing concerns that higher prices could increase manufacturing costs for US businesses.
Global mining companies Rio Tinto and BHP Group declined 3.8% and 4.2%, respectively, while Southern Copper and Freeport-McMoRan fell 6.5% and approximately 8%. Canadian mining companies also saw losses, with Hudbay Minerals down 6.2%, Ero Copper down 5.6%, and Teck Resources falling 7.7%.