Copper mining stocks lift as commodity prices soar on US tariff risk
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The news: Copper miners were among the biggest gainers in afternoon trade on the ASX, tracking a surge in commodity prices overnight amid fears of tightening supply as imports to the US lift ahead of potential tariffs.
The numbers: At 3:33pm AEDT, shares in Capstone Copper shares had lifted 8% to $14.25. South32 (+4.3%), BHP (+3.6%), Sandfire Resources (+3.4%) and Rio Tinto (+3.1%) were also higher.
Overnight Bloomberg reported that the London Metals Exchange’s benchmark copper price lifted 3.1% to settle at USD11,145 ($16,853) per tonne and was up more than 30% in the year.
The context: Copper prices have been lifting in recent weeks amid warnings that global supply is tightening as high volumes of the metal get exported to the US to get ahead of the potential imposition of US tariffs.
Trump announced plans for tariffs on copper in February but in late July said the levies would only apply to value-added products from August 2025.
Meanwhile, the US government is currently reviewing whether to impose a universal tariff on refined copper from 2027.
The source: Bloomberg
