Prices of copper surged over 5% in New York after President Donald Trump suggested imports of the metal could be subject to a 25% tariff, Bloomberg’s Mark Burton reports. Trump’s comments sparked a rally in Comex copper prices, which are now trading about 11.5% higher than the London Metal Exchange. The surge has triggered a worldwide hunt for copper that can be shipped to the U.S. before any tariffs are imposed, with Comex copper stockpiles drawing down and requests to withdraw the metal from the LME surging, according to the report. “I have also imposed a 25% tariff on foreign aluminum, copper and steel,” he said in his address to Congress. “Tariffs are about making America rich again. It is happening and it will happen rather quickly.” Publicly traded companies in the copper sector include Freeport McMoRan (FCX), Southern Copper (SCCO), Rio Tinto (RIO), BHP (BHP), and Glencore (GLNCY).
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