S&P 500 notches latest 2025 record as Wall Street’s winning streak reaches 4
Shares of US mining companies with copper (HG=F) operations are rising after the metal hit $12,000 per ton for the first time on Tuesday morning; It has reached an all-time high as President Trump’s tariff policies and a series of mining accidents have shaken supply chains.
Freeport-McMoRan (FCX), whose Grasberg copper mine in Indonesia was almost completely shut down earlier in the year following a deadly landslide that killed several workers, traded up 1.4% in the first minutes after the opening bell. Fellow mining giants BHP Group (BHP) and Teck Resources (TECK) gained 0.4% and 2.5% respectively.
Shares of Southern Copper (SCCO), one of the leading U.S. copper operators, moved in the opposite direction, falling about 0.4%.
The year was strong for metals. According to Trading Economics data, copper prices have risen more than 37% year to date, while hot-rolled coil steel (HRC=F) and aluminum (ALI=F) are up 32% and 17% respectively.
While geopolitics played a role, Trump’s tariff regime also caused copper and other metal prices to rise, dragging mining stocks along with it.
when trump Announces plans to impose tariffs on copper in JulyTo avoid these taxes, traders rushed to move physical copper reserves from warehouses abroad to the United States, causing prices to rise. When the administration announced that these tariffs would not apply to raw copper ore, prices fell again.
Under current policy, semi-finished products and copper-intensive goods such as cables or pipes are covered by the same 50% tariff, although raw copper ores are excluded. Imports of both steel and aluminum are currently subject to a 50% duty.
