Trump studies imposing tariffs on copper, New York copper prices skyrocket.

After President Trump signed an executive order directing the US Department of Commerce to review potential tariffs on copper, the price of copper futures in the US began to rise. This move is the latest in a series of measures aimed at imposing tariffs on specific industries, with the goal of reshaping the global supply chain. Due to possible discrepancies between US and global prices, significant disparities in copper prices have emerged this year. Comex copper futures rose by as much as 2.4%, marking the largest intraday increase since February 12th. Following the news, the stock prices of US-listed copper mining companies also rose, with Freeport-McMoRan Copper & Gold (FCX.US) rising over 6% in after-hours trading. The investigation will be conducted under Section 232 of the Trade Expansion Act, which grants the US President broad powers to impose trade restrictions on the grounds of national security. President Trump has also used this power to impose a 25% tariff on two other industrial metals steel and aluminum which will take effect in March.