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Canadian copper miners fall after Trump's 50% tariff plan

ReutersJul 9, 2025 5:52 PM

** Shares of Canadian copper miners fall after U.S. President Donald Trump said he would impose a 50% tariff on imported copper

** Trump also said on Tuesday he would soon introduce long-threatened levies on semiconductors and pharmaceuticals

** Shares of Hudbay Minerals HBM.TO down ~1%; Teck Resources TECKb.TO falls marginally and Ero Copper ERO.TO loses 8.1%

** "We view the markedly higher expected tariff as a negative development of domestic Copper demand due to higher prices" - Scotiabank analyst Orest Wowkodaw

** U.S. copper futures widened their premium to the London benchmark, reflecting Trump's decision

** Benchmark three-month copper CMCU3 on the London Metal Exchange fell 1.6% to $9,635.50 a metric ton; COMEX copper HGc3 hit a record high on Tuesday, but was last down 3.5% at $5.487 per pound

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