A surprise 50% import tariff on copper announced by President Donald Trump on Tuesday sent the red metal into a frenzy, driving prices to a historic high of $5.90 per pound as investors rushed to price in potential supply constraints.
U.S.-based copper stocks Freeport-McMoRan Inc. (NASDAQ:FCX) and Southern Copper Corp. (NYSE:SCCO) stand to post outsized gains if copper prices continue climbing.
While the measure appeared unplanned, the short implementation timeline—expected before the end of July or early August—has made it increasingly likely that the 50% rate will take effect, according to Goldman Sachs analyst Eoin Dinsmore.
“We change our baseline to a 50% tariff on U.S. copper imports from 25% previously,” Dinsmore said in a note Wednesday.
What’s Driving The Copper Price Surge?
The shock tariff announcement comes amid already tight global copper supplies.
Goldman Sachs maintained its December 2025 London Metal Exchange (LME) copper forecast at $9,700 per metric ton, but said the odds of prices exceeding $10,000 in …