Prices of US copper futures hit record high after Trump announces 50 pct tariff on copper

U.S. President Donald Trump announced on Monday a new 50 percent tariff on all imported copper, sparking a historic surge in copper futures prices on the New York Mercantile Exchange (COMEX).

Copper futures prices on COMEX soared as much as 17 percent intraday to an all-time high of 5.8955 U.S. dollars per pound, marking the biggest single-day jump since 1989.

By the close of trading, prices settled at 5.68 U.S. dollars per pound, up 13 percent from the previous session.

U.S. Commerce Secretary Howard Lutnick indicated that the new tariffs are expected to take effect by the end of July or staring Aug. 1.

Market analysts suggest that the higher-than-anticipated tariff rate has spurred a rush to buy copper before the policy is enforced, driving prices sharply upward in the short term. However, the rally may stabilize as domestic copper inventories rise.

As the world's third most-consumed metal after iron and aluminum, copper is vital for electronics, construction, industrial machinery, and key components in automobiles, power grids, and precision equipment. The tariff could significantly increase production costs across multiple sectors of the U.S. economy.

According to U.S. Commerce Department data, the United States imported 17 billion U.S. dollars' worth of copper in 2024, meeting roughly half of its demand. Chile was the largest supplier, exporting 6 billion U.S. dollars' worth of copper to the United States last year.

The move has raised concerns over potential inflationary pressures and supply chain disruptions, with industries heavily reliant on copper bracing for higher costs.

Prices of US copper futures hit record high after Trump announces 50 pct tariff on copper

Prices of US copper futures hit record high after Trump announces 50 pct tariff on copper

Prices of US copper futures hit record high after Trump announces 50 pct tariff on copper

The death toll from a landfill collapse in the central Philippine city of Cebu has risen to eight by Monday morning as search and rescue operations continued for another 28 missing people.

The landfill collapse occurred on Thursday as dozens of sanitation workers were working at the site. The disaster has already caused injuries of 18 people.

Family members of the missing people said the rescue progress is slow, and the hope for the survival of their loved ones is fading.

"For me, maybe I’ve accepted the worst result already because the garbage is poisonous and yesterday, it was raining very hard the whole day. Maybe they’ve been poisoned. For us, alive or dead, I hope we can get their bodies out of the garbage rubble," said Maria Kareen Rubin, a family member of a victim.

Families have set up camps on high ground near the landfill, awaiting news of their relatives. Some people at the site said cries for help could still be heard hours after the landfill collapsed, but these voices gradually faded away.

Bienvenido Ranido, who lost his wife in the disaster, said he can't believe all that happened.

"After they gave my wife oxygen, my kids and I were expecting that she would be saved that night because she was still alive. But the night came and till the next morning, they didn't manage to save her," he said.

Death toll in central Philippine landfill collapse rises to eight