Prysmian drops after FT report on potential rollback of US metal derivatives tariffs

Shares of Italian cable maker Prysmian PRY.MI fall as much as 7.8%

U.S. President Donald Trump plans to scale back some tariffs on steel and aluminium goods, says Financial Times report citing people familiar with the matter

Shares on track for worst day in 10 months if losses hold

Citigroup believes news is a negative read for PRY

"Should aluminium cable tariffs be eliminated, while keeping commodity tariffs in place, this could advantage foreign competitors in practice, given their access to cheaper raw materials" - Citi

Adds prospect of copper cable tariffs, which accounts for majority of Prysmian's U.S. industrial and construction (I&C) sales by value, looks more remote

Sector peers including France's Nexans NEXS.PA and Denmark's NKT NKT.CO also down around 3% to 4%