Copper Rally Hits Wall Amid White House Tariff Uncertainty
Copper prices hit an all-time high in early September 2026, with futures reaching $6.89 per pound, but their record rally was short-lived as uncertainty over import tariffs for refined copper sent shockwaves through markets.
The White House had yet to decide on tariff policies, and officials were weighing the advantages of domestic mining against potential manufacturing costs nationwide.
When news of this hesitation leaked out, it sparked a sharp and concentrated selloff in copper, with Freeport-McMoRan stock dropping nearly 8% to $70.43 by early Thursday trading, followed closely by Southern Copper's 7% decline and Teck Resources' similar drop.
The Global X Copper Miners ETF also declined, while the S&P 500 saw a mere 0.6% decrease, indicating that this was a targeted selloff in copper rather than a broader market downturn.
Analysts at BMI, a division of Fitch Solutions, suggested that the rally had outpaced fundamental demand, citing increased policy uncertainty as a contributing factor to the decline.