Latest news with #copperindustry
Bloomberg
10-07-2025
- Business
- Bloomberg
50% Tariffs Are About Punishment, Not Trade
To get John Authers' newsletter delivered directly to your inbox, sign up here. The global copper industry saw President Donald Trump's proposed 50% tariffs from a mile away. As early as February, he mooted the idea on national security grounds. That day of reckoning is fast approaching, barring a TACO U-turn, and the way the copper market is dealing with the issue — including a bizarre race to make deliveries to Hawaii and Puerto Rico to beat levies — has pointers for Brazil, hit with only a 10% overall levy three months ago, but now singled out for 50%:
Forbes
09-07-2025
- Business
- Forbes
Here's Why Higher Copper Prices Usually Lead To More Crime
Trump's copper tariff announcement is causing a surge in the metal's prices—but Americans should also expect a rise in crime and local copper theft. US President Donald Trump speaks during a cabinet meeting in the Cabinet Room of the White House in ... More Washington on July 8, 2025. Andrew Caballero-Reynolds/AFP via Getty Images Key Facts Trump told reporters Tuesday that the U.S. would impose a 50% tariff on copper imports, triggering a jump in U.S. copper prices. Copper futures briefly surged 17% to a record $5.89 per pound Tuesday, before dropping down to about $5.59 by Wednesday morning. Historically, as copper prices rise, the metal becomes a valuable target for thieves, who strip copper from cars, air conditioners, street lamps and construction sites. Minneapolis recently put $1 million toward repairing stripped street lights while Chicago police are copper theft from buildings and cellular towers. Trump's proposed copper tariff follows a probe he launched in February into the U.S. copper industry. He has already imposed tariffs on steel and aluminum, but copper tariffs could have a more drastic economic impact because the U.S. is highly reliant on imports. Just over 50% of the total refined copper consumed in the U.S. is imported, according to the U.S. Geological Survey. But beyond the possible economic impact, rising copper prices have a history of coinciding with increased vandalism and theft. Copper is used for everything from electrical wiring in buildings to computers and cars. Copper is the third-most consumed metal behind iron and aluminum, according to the U.S. Geological Survey. Copper is also recyclable and resells for close to the original price of the metal. When the price of copper is high, thieves earn by stripping it from construction sites, cellular towers, air conditioners and more. What Is Copper Most Commonly Found In? Copper is in everything from common appliances to industrial equipment. The metal can be found in common cables like phone and computer chargers, and WiFi and TV cables. Cars, trains and planes also have copper in them. Common household appliances like washing machines, dishwashers, dryers, air conditioners, freezers and refrigerators all have copper wire and circuit boards, and the metal is commonly stolen from construction sites because copper is more accessible to thieves as electrical, plumbing, HVAC and appliances are being installed. In Las Vegas and surrounding neighborhoods, more than 970,000 feet of electrical wiring went missing from streetlights from 2022 to 2024. In a more recent example, two men working for a JFK Airport contractor stole 1,100 feet of copper cable valued at $70,000 from a warehouse at the airport in April. What To Watch For Trump's Aug. 1 tariff kickoff date will likely be when the proposed 50% copper tariff takes hold. Americans can expect to see rising copper and metal theft rates if the prices continue to surge.
Bloomberg
30-06-2025
- Business
- Bloomberg
Chile Delivers Biggest Copper Output This Year in Tight Market
Chile posted its best month of copper production this year as the world's largest supplier of the metal delivers some relief to tight global markets. The country that accounts for about a quarter of the world's mined copper churned out 486,574 metric tons in May, up 9.4% from the same month last year, according to data released Monday by statistics bureau INE.
Bloomberg
26-06-2025
- Business
- Bloomberg
Informal Mining Boom Is Biggest Fear for Peru's Copper Investors
The biggest threat to Peru tapping more of its giant copper deposits is rising informal and illegal mining activity, according to the head of the country's main industry association, SNMPE. Peru has slipped to third in the global copper-production ranking and last year posted its first decline in output in five years. This year it should be able to get back to growth, albeit slightly, and reach a record 3.4 million metric tons by decade-end, according to Julia Torreblanca, SNMPE's President.
Bloomberg
19-06-2025
- Business
- Bloomberg
China Copper Smelters Match Record as Foreign Rivals Falter
Chinese copper production stayed at record levels last month, despite a plunge in the fees charged by smelters, piling the pressure on operations elsewhere in the world that compete for feedstock. Output of refined copper matched the previous month's all-time high of 1.254 million tons, although there was an extra day in May. That pushed volumes over the first five months 8% above last year's level, even as spot treatment charges have turned deeply negative as too much capacity chases insufficient supplies of ore.
