Copper Tariff Uncertainty Sends Markets Reeling Amid Uranium Price Stability

US officials are weighing the benefits of supporting domestic copper mining and refining against the risk of higher costs for manufacturers and consumers. The White House has not made a final decision on broader tariffs covering refined copper, which could improve the economics of US mines, smelters, and refineries but also increase costs for wiring, transformers, vehicles, electronics, and construction products.

Copper futures fell more than 4% after the report, reversing part of a rally that had been fueled by tariff expectations, stockpiling, and tight supply. Canada is both a copper producer and a major supplier of manufactured inputs to the US, and a tariff that raises the US price could improve the value of some domestic projects but also distort normal trade flows and raise costs for Canadian manufacturers.

Uranium prices are holding near $90 per pound as utilities and data-centre developers look harder at nuclear power. The demand story has expanded beyond reactor restarts and national energy-security plans, with large technology companies searching for dependable electricity for data centres.