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Freeport-McMoRan Stock Plummets Amid Trump Tariff Exemption for Refined Copper
Freeport-McMoRan Stock Plummets Amid Trump Tariff Exemption for Refined Copper
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BTCCSquare news:
Freeport-McMoRan (FCX) shares tumbled nearly 10% this week following the TRUMP administration's decision to exempt refined copper imports from 50% tariffs. While semi-finished copper products like wiring and pipes face the new levies, the exclusion of refined copper removes a key advantage for Freeport, which produces over 70% of U.S. refined copper.
The tariff speculation had driven a premium in COMEX copper prices, with traders anticipating constrained imports. That premium evaporated abruptly this week, sending prices crashing from $5.60 to $4.35 per pound. Chairman Richard Adkerson had previously noted a 50% COMEX premium could boost EBITDA by 20%, making this policy shift particularly painful for Freeport's bottom line.
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