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From: Julius Wong	7/8/2025 3:01:16 PM
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Comex copper shoots to record high after Trump pledges 50% tariffs on copper imports Jul. 08, 2025 2:29 PM ET By: Carl Surran, SA News Editor U.S. copper prices surged to an all-time high Tuesday after President Trump said he planned to slap imports of the metal with a 50% tax, lifting futures contracts by 13% in the largest single-day increase in records going back to 1968, according to Dow Jones Market Data. "I believe the tariff on copper, we're going to make it 50%," Trump said in response to a reporter's question ahead of a Cabinet meeting at the White House, although he did not say when the tariff would take effect. Front-month Comex copper ( HG1:COM) for July delivery settled +13.2% to $5.645/lb, a new record high and its largest one-day gain on record; copper has gained more than 41% YTD, as U.S. companies have ramped up seaborne imports in an apparent attempt to stockpile supplies ahead of potential tariffs. Top U.S. copper producer Freeport-McMoRan (NYSE: FCX) +3.7%; other copper producers include Southern Copper ( SCCO), Ero Copper ( ERO), Teck Resources ( TECK), Hudbay Mining ( HBM), Rio Tinto ( RIO), BHP ( BHP). The Trump administration launched a Section 232 investigation into U.S. copper imports in February; the deadline for the investigation to conclude is in November.

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