White House Copper Tariff Plan Stalls, Freeport Shares Drop 7%
FCX has more than doubled off its 52-week low of $35.15.
Summary
The White House has not decided on refined copper tariffs, with affordability concerns ahead of midterms weighing against domestic mining incentives. Freeport shares fell 7% midday Thursday, and copper prices dropped over 4% as the market priced in reduced tariff probability. This follows a record high close of $76.66 on August 21, driven by tariff expectations. The stall removes a key bullish catalyst for U.S. copper producers, though the administration continues to evaluate options. Watch for any official tariff decision or Commerce Department recommendation details.
At the time of this announcement, FCX was trading at $70.96 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $101.9B. The 52-week trading range was $35.15 to $80.24. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.