Commodities
Mining Sector Slumps as Copper Prices Retreat Amid US Tariff Concerns
The mining sector took a hit in morning trade as BHP and Rio Tinto led the decline. Benchmark copper futures were steady at USD14,238 a tonne after falling 3.6% on London Metal Exchange on Thursday.
Copper prices have retreated from a record high reached earlier in the session. The reversal followed a Reuters report that US officials are weighing concerns about elevated domestic copper prices increasing manufacturing costs.
Traders have been diverting hundreds of thousands of tonnes of copper into the US to profit from a potential tariff-driven premium in domestic prices.