Shares in Antofagasta PLC (LSE:ANTO), Anglo American PLC (LSE:AAL) and Glencore PLC (LSE:GLEN) fell as confusion reigned following President Trump’s tariff threat on copper imports.
Chilean copper miner ANTO stock dropped as much as 3% despite a sharp rally in copper prices in the US triggered by the announcement of a potential 50% American tariff.
While copper futures surged as traders rushed to front-load shipments ahead of the proposed levies, the move has sparked uncertainty for producers like Antofagasta, which exports significant volumes to the States.
The tariffs would increase costs for American buyers, risking lower demand and disrupting global supply chains.
New York copper prices soared to a steep premium over London benchmarks as markets reacted to the tariff news, but the looming levies cast a shadow over future sales.
For foreign copper producers, the tariffs threaten to reduce volumes or force price concessions once implemented, offsetting any short-term gains from rising prices.
This mix of higher prices and tariff risk has unsettled investors, explaining the sell-off in Antofagasta shares amid volatile market conditions.
Antofagasta stock was off less than 1.5% by late morning at 1,896p, while Anglo American was down 1.6% and Glencore, which has mining and commodities trading arms, fell 2.1%.
** Update: Adds details, share prices **