Tariff Doubts Unleash Copper Price Plunge

Copper prices tumbled Thursday as reports cast doubt on refined-copper tariffs that had powered the metal to fresh highs earlier in the week. Freeport-McMoRan, the largest U.S.-based copper producer and most copper-levered name in its peer set, led the decline with an 8% drop to $70.43.

Other major copper miners, Teck Resources and Southern Copper, also slid by 7%, reaching prices of $65.08 and $195.66 respectively. The Global X Copper Miners ETF (COPX) followed suit, declining 7% as the entire basket re-rated in unison.

The reversal was triggered by reports that the White House had not yet reached a decision on tariffs covering refined copper, with officials weighing how higher prices would feed through into manufacturing costs. This uncertainty led to the unwinding of the scarcity premium built up over the summer, causing copper miners' stocks to plummet.