Latest news with #HudbayMinerals
The Guardian
14 hours ago
- Business
- The Guardian
Trump plans to impose 50% tariff on copper pipes and wiring
The Trump administration announced plans to impose a 50% tariff on copper pipes and wiring, roiling US prices after details of the levy fell short of the sweeping restrictions expected. By leaving out copper input materials such as ores, concentrates and cathodes, the new policy will fall significantly short of Donald Trump's initial threats to introduce a sweeping new levy on overseas shipments of the metal. The surprise move dragged down US copper prices more than 17% on the Comex exchange and unwound a premium over the London global benchmark that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices. 'Markets are now busily repricing refined copper much lower after Trump's epic backflip on his own import tariff policy,' said Tom Price, an analyst at the London brokerage Panmure Liberum. 'Someone must have finally got through to [Trump] that the US economy simply can't afford this new trade-hit.' Freeport-McMoRan is likely to be among the most harmed by the trimmed tariff, according to RBC Capital Markets, with Hudbay Minerals, Arizona Sonoran and others developing mines in the country also affected. The US president first teased the tariff in early July, implying that it would apply to all types of the red metal, ranging from cathodes produced by mines and smelters to wiring and other finished products. Yet in a proclamation released by the White House, the administration said the tariff would apply starting this Friday only to pipes, tubes and other semi-finished copper products, as well as products that copper is heavily used to manufacture, including cable and electrical components. In the executive order, Trump said Howard Lutnick, the commerce secretary, had concluded 'that copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States'. The move aids manufacturers, but does little to boost the constrained US copper mining industry, which for years has asked Washington for permitting reform or other steps that could fuel growth. The tariffs will exclude copper scrap and copper concentrates, mattes, cathodes and anodes, some of the main products of copper mines and smelters. The move is essentially a boost for Chile and Peru, two of the world's largest copper miners and major suppliers to the United States. Reuters contributed reporting
CTV News
a day ago
- Business
- CTV News
Trump shocks markets with scaled-back copper tariff, U.S. prices plunge
President Donald Trump speaks in the Roosevelt Room of the White House, Wednesday, July 30, 2025, in Washington. (AP Photo/Mark Schiefelbein) The United States will impose a 50 per cent tariff on copper pipes and wiring, U.S. President Donald Trump said on Wednesday, but details of the levy fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes. The surprise move dragged down U.S. copper prices more than 17 per cent on the Comex exchange HGc2 and unwound a premium over the London global benchmark CMCU3 that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices. 'Markets are now busily repricing refined copper much lower after Trump's epic backflip on his own import tariff policy,' said Tom Price, an analyst at the London brokerage Panmure Liberum. 'Someone must have finally got through to (Trump) that the U.S. economy simply can't afford this new trade-hit.' Freeport-McMoRan is likely to be among the most harmed by the trimmed tariff, according to RBC Capital Markets, with Hudbay Minerals, Arizona Sonoran and others developing mines in the country also affected. Trump first teased the tariff in early July, implying that it would apply to all types of the red metal, ranging from cathodes produced by mines and smelters to wiring and other finished products. Yet in a proclamation released by the White House, the administration said the tariff will apply starting this Friday only to pipes, tubes and other semi-finished copper products, as well as products that copper is heavily used to manufacture, including cable and electrical components. The move aids manufacturers, but does little to boost the constrained U.S. copper mining industry, which for years has asked Washington for permitting reform or other steps that could fuel growth. 'Copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States,' Trump said in his proclamation. The tariffs will exclude copper scrap and copper concentrates, mattes, cathodes and anodes, some of the main products of copper mines and smelters. The move is essentially a boost for Chile and Peru, two of the world's largest copper miners and major suppliers to the United States. The tariff details sparked a 'massive market surprise,' said Natalie Scott-Gray, senior metals analyst at the consultancy group StoneX, adding that she expects U.S. copper prices to fall further. Anant Jatia, founder and chief investment officer at Greenland Investment Management, a hedge fund specializing in commodity arbitrage trading, told Reuters he expects London copper prices to surpass U.S. prices in the short term as American inventories build. More possible The measure came after a U.S. investigation under Section 232, which Trump ordered in February. The report was delivered to the White House on June 30 by Commerce Secretary Howard Lutnick, according to the proclamation. Trump said he may still impose further tariffs, and has asked Lutnick to provide an update on the domestic copper market by June 2026. At that point, Trump will evaluate whether to impose a phased universal import duty on refined copper of 15 per cent starting in 2027, and of 30 per cent starting in 2028, he said. Along with tariffs, the order calls for steps to support the domestic copper industry, including requiring 25 per cent of high-quality scrap produced in the U.S. to also be sold within the country. Freeport, the largest U.S. copper producer, said it would comment after it reviewed Trump's order in detail. Chile's Codelco, the world's biggest copper producer, praised the exclusion of cathodes as a positive for the company and for Chile, which is the top supplier of refined copper to the U.S. BHP, which operates the world's largest copper mine in Chile, and Antofagasta, which ships copper from Chile to the U.S. and wants to build a U.S. copper mine, did not immediately reply to requests for comment. (Reporting by Daina Beth Solomon in Santiago, Ernest Scheyder in Houston, Divya Rajagopal in Toronto, and Pratima Desai and Polina Devitt in London; additional reporting by Ismail Shakil in Ottawa; writing by Ernest Scheyder; editing by Veronica Brown, Marguerita Choy and Rosalba O'Brien)
Reuters
a day ago
- Business
- Reuters
Trump shocks markets with scaled-back copper tariff, US prices plunge
July 30 (Reuters) - The United States will impose a 50% tariff on copper pipes and wiring, President Donald Trump said on Wednesday, but details of the levy fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes. The surprise move dragged down U.S. copper prices more than 17% on the Comex exchange and unwound a premium over the London global benchmark that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices. "Markets are now busily repricing refined copper much lower after Trump's epic backflip on his own import tariff policy," said Tom Price, an analyst at the London brokerage Panmure Liberum. "Someone must have finally got through to (Trump) that the U.S. economy simply can't afford this new trade-hit." Freeport-McMoRan(FCX.N), opens new tab is likely to be among the most harmed by the trimmed tariff, according to RBC Capital Markets, with Hudbay Minerals ( opens new tab, Arizona Sonoran ( opens new tab and others developing mines in the country also affected. Trump first teased the tariff in early July, implying that it would apply to all types of the red metal, ranging from cathodes produced by mines and smelters to wiring and other finished products. Yet in a proclamation released by the White House, the administration said the tariff will apply starting this Friday only to pipes, tubes and other semi-finished copper products, as well as products that copper is heavily used to manufacture, including cable and electrical components. The move aids manufacturers, but does little to boost the constrained U.S. copper mining industry, which for years has asked Washington for permitting reform or other steps that could fuel growth. "Copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States," Trump said in his proclamation. The tariffs will exclude copper scrap and copper concentrates, mattes, cathodes and anodes, some of the main products of copper mines and smelters. The move is essentially a boost for Chile and Peru, two of the world's largest copper miners and major suppliers to the United States. The tariff details sparked a "massive market surprise," said Natalie Scott-Gray, senior metals analyst at the consultancy group StoneX, adding that she expects U.S. copper prices to fall further. Anant Jatia, founder and chief investment officer at Greenland Investment Management, a hedge fund specializing in commodity arbitrage trading, told Reuters he expects London copper prices to surpass U.S. prices in the short term as American inventories build. The measure came after a U.S. investigation under Section 232, which Trump ordered in February. The report was delivered to the White House on June 30 by Commerce Secretary Howard Lutnick, according to the proclamation. Trump said he may still impose further tariffs, and has asked Lutnick to provide an update on the domestic copper market by June 2026. At that point, Trump will evaluate whether to impose a phased universal import duty on refined copper of 15% starting in 2027, and of 30% starting in 2028, he said. Along with tariffs, the order calls for steps to support the domestic copper industry, including requiring 25% of high-quality scrap produced in the U.S. to also be sold within the country. Freeport, the largest U.S. copper producer, said it would comment after it reviewed Trump's order in detail. Chile's Codelco, the world's biggest copper producer, praised the exclusion of cathodes as a positive for the company and for Chile, which is the top supplier of refined copper to the U.S. BHP ( opens new tab, which operates the world's largest copper mine in Chile, and Antofagasta (ANTO.L), opens new tab, which ships copper from Chile to the U.S. and wants to build a U.S. copper mine, did not immediately reply to requests for comment.
The Guardian
a day ago
- Business
- The Guardian
Trump administration plans to impose 50% tariff on copper pipes and wiring
The Trump administration announced plans to impose a 50% tariff on copper pipes and wiring, roiling US prices after details of the levy fell short of the sweeping restrictions expected. By leaving out copper input materials such as ores, concentrates and cathodes, the new policy will fall significantly short of Donald Trump's initial threats to introduce a sweeping new levy on overseas shipments of the metal. The surprise move dragged down US copper prices more than 17% on the Comex exchange and unwound a premium over the London global benchmark that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices. 'Markets are now busily repricing refined copper much lower after Trump's epic backflip on his own import tariff policy,' said Tom Price, an analyst at the London brokerage Panmure Liberum. 'Someone must have finally got through to [Trump] that the US economy simply can't afford this new trade-hit.' Freeport-McMoRan is likely to be among the most harmed by the trimmed tariff, according to RBC Capital Markets, with Hudbay Minerals, Arizona Sonoran and others developing mines in the country also affected. The US president first teased the tariff in early July, implying that it would apply to all types of the red metal, ranging from cathodes produced by mines and smelters to wiring and other finished products. Yet in a proclamation released by the White House, the administration said the tariff will apply starting this Friday only to pipes, tubes and other semi-finished copper products, as well as products that copper is heavily used to manufacture, including cable and electrical components. In the executive order, Trump said Howard Lutnick, the commerce secretary, had concluded 'that copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States'. The move aids manufacturers, but does little to boost the constrained US copper mining industry, which for years has asked Washington for permitting reform or other steps that could fuel growth. 'Copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States,' Trump said in his proclamation. The tariffs will exclude copper scrap and copper concentrates, mattes, cathodes and anodes, some of the main products of copper mines and smelters. The move is essentially a boost for Chile and Peru, two of the world's largest copper miners and major suppliers to the United States. Reuters contributed reporting
Yahoo
3 days ago
- Business
- Yahoo
Hudbay Minerals (HBM) Taps Local Firms For Copper World Feasibility Study
Hudbay Minerals Inc. (NYSE:HBM) is one of the best high growth stocks. Copper World, a subsidiary of Hudbay Minerals Inc., announced on June 11 that multiple local firms will partake in feasibility studies and support the initial phases of development for the Copper World project. This development represents a critical step in progressing one of Southern Arizona's most significant and fully permitted mining ventures, with substantial implications for regional economic growth. The project team includes experienced firms such as Arizona-based Sundt Construction and M3 Engineering, along with others that bring expertise in mine design, infrastructure, processing, and environmental management, with many having prior experience in Southern Arizona and strong connections to the local workforce. Mark Agnor/ This project follows an integrated delivery model, where engineers, builders, and technical experts work closely together from the beginning. This teamwork helps with better planning, reduces risks, and makes the whole process run more smoothly from start to finish. Copper World Inc., along with local union building trades, has committed to building the Copper World mine near Tucson, aiming to boost local jobs and economic growth. Over its 20-year span, the project is expected to generate over $850 million in US taxes and create thousands of direct and indirect jobs. Copper World plans to locally process copper, cutting emissions and supporting the US supply chain for critical minerals. Hudbay Minerals Inc. (NYSE:HBM) is a diversified Canadian mining company engaged in the exploration, development, and optimization of copper, gold, silver, zinc, and molybdenum concentrates across the Americas. While we acknowledge the potential of HBM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure. None. Sign in to access your portfolio
