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Commerce proposes 15% refined-copper tariff, rising to 30%

9/9/2026

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Summary

U.S. Commerce Tariff

U.S. Commerce Department proposes a 15% refined-copper tariff next year, rising to 30% by 2028.
U.S. copper imports hit a July record of 220,000 tons, lifting LME three-month copper to $14,779 per ton.
COMEX inventories rose eightfold to about 696,000 tons while LME stockpiles fell roughly 40% since late May.
Chile’s copper exports fell to $4.63 billion in August, lowest in a year, after storms and a mine collapse cut output.

Summary

Copper Stocks Surge

Freeport-McMoRan shares rose 44% in 2026 as copper prices hit record highs.
Southern Copper and Teck Resources each advanced about 45% year-to-date, reflecting the rally.
Hudbay Minerals stock jumped over 110% in the past year amid soaring copper prices.
FTSE 100 slipped 0.2% to 10,801 as copper peaked.
Analysts say the Comex-LME spread will keep event-driven trading opportunities alive while tariff policy remains uncertain.

History

Historical Context

In March 2018 President Donald Trump invoked Section 232 to levy 25% steel and 10% aluminum tariffs, sparking a WTO challenge and retaliatory duties from the European Union. He later broadened the regime, announcing a 50% copper tariff in July 2025 (excluding cathode copper). The Commerce Department now bases its 2024 copper-duty plan on that precedent.

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U.S. Commerce Tariff

U.S. Commerce Department proposes a 15% refined-copper tariff next year, rising to 30% by 2028.
U.S. copper imports hit a July record of 220,000 tons, lifting LME three-month copper to $14,779 per ton.
COMEX inventories rose eightfold to about 696,000 tons while LME stockpiles fell roughly 40% since late May.
Chile’s copper exports fell to $4.63 billion in August, lowest in a year, after storms and a mine collapse cut output.

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