Copper miners Freeport-McMoRan and Southern Copper fell 6.6% and 7.2% respectively, as market sentiment soured on the prospect of delayed or canceled US copper tariffs amid broader commodity weakness.
Copper prices fell due to surging yields and uncertainty over US copper tariffs.
Freeport-McMoRan stock fell 6.6% as copper prices dropped and tariff uncertainty weighed on its US business outlook.
Southern Copper fell 7.2% in sympathy with copper price decline and sector-wide selling.
Freeport-McMoRan and Southern Copper shares tumbled Thursday as copper prices faced pressure from rising Treasury yields and uncertainty regarding potential US import tariffs. Investors remain wary that the White House may abandon proposed protections for domestic copper producers due to concerns over manufacturing costs.
The stock fell primarily due to a decline in copper prices, which was driven by rising Treasury yields and investor uncertainty regarding the status of proposed US copper tariffs.