Hindustan Copper, Vedanta And Other Copper Stocks Swing After Trump's 50% Tariff Plans
Copper stocks opened higher on Wednesday before swinging to some declines after US President Donald Trump announced late on Tuesday, the imposition of 50% tariff on imports of the metal.
Hindalco Industries Ltd. and Hindustan Copper Ltd. gained at market open but shortly after Hindustan Copper slipped over 1%, while Vedanta Ltd. saw marginal decline of nearly 0.80%.
The tariffs announced by Trump will take immediate effect, with the aim of protecting domestic industries, he said. The US president also threatened a 200% levy on pharmaceutical exports, albeit with a grace period of a year and a half before imposition.
Additionally, Trump announced a 10% tariff on all imports from BRICS nations, including India, accusing the bloc of attempting to undermine the US economy and the dollar.
Meanwhile, Copper futures in New York surged following the announcement, with contracts on the Comex climbing as much as 17% on Tuesday, marking a record one-day spike. However, the prices fell more than 4% in early trading on Wednesday, Bloomberg reported.
The New York price reached $5.5085 per pound at 8:23 a.m. in Shanghai on Wednesday, while copper on the London Metal Exchange was 1.7% lower at $9,627 per ton. The New York price commanded a 24% premium over equivalent futures in London, the report added.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
