BofA warns Fed risks policy mistake with early rate cuts
Investing.com-- Asia‑Pacific copper-producing stocks slid sharply after President Donald Trump announced a 50% U.S. tariff on semi‑finished copper products, but excluded copper ores, concentrates, cathodes, and scrap.
The unexpected carve‑outs triggered a 19% plunge in U.S. copper futures on Wednesday, undermining previous price premiums on Comex versus London Metal Exchange.
Investor sentiment turned negative across copper-linked equities in Asia.
In Hong Kong, Jiangxi Copper (HK:0358) slid 4% and Zijin Mining Group (HK:2899) (HK:2899) dropped 5%.
In India, shares of Hindalco Industries (NSE:HALC) fell 1.5%, while Hindustan Copper Ltd (NSE:HCPR) dropped more than 4%.
In Australia, BHP Group Ltd (ASX:BHP) slipped 3.2%, while Sandfire Resources lost more than 4%. Rio Tinto (NYSE:RIO) shares dropped 3.5%.
Australia’s S&P/ASX 300 Metals & Mining index fell 3% on Thursday.
Concerns over China’s shrinking manufacturing PMI added further pressure on commodity-linked equities.