Hindustan Copper, Vedanta And Other Copper Stocks Swing After Trump's 50% Tariff Plans
The tariffs announced by Trump will take immediate effect, with the aim of protecting domestic industries, he said.
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.
