US Copper Prices Fall 4.6% as White House Shelves Tariff Plan on Affordability Concerns
Copper futures and related equities fell sharply on September 10, 2026, after reports that the White House had not decided on refined copper tariffs. US copper prices dropped 4.6%. Freeport-McMoRan fell 8%, Southern Copper 7%, Teck Resources 7.9%, Ero Copper 8.6%, Capstone Copper 8.2% and First Quantum Minerals 6.4%. By 10 a. m. Eastern time, Goldman Sachs's US metals basket index was down nearly 3%, as tariff uncertainty weighed on the broader metals market.
Copper futures and related equities fell sharply on the morning of September 10, 2026, after reports that the White House had not yet made a decision on refined copper tariffs. Global copper prices had earlier risen to record highs as large volumes of physical copper flowed into US warehouses during the summer of 2026.
The reports said the White House is increasingly focused on affordability ahead of the November midterm elections, with President Trump and Republican lawmakers under pressure to show that their economic policies are lowering, rather than raising, costs for US consumers and businesses. US copper prices fell 4.6% as a result. Freeport-McMoRan shares fell 8%, Southern Copper 7%, Teck Resources 7.9%, Ero Copper 8.6%, Capstone Copper 8.2% and First Quantum Minerals 6.4%.
As of 10 a. m. Eastern time, Goldman Sachs's US metals basket index was down nearly 3%. The copper tariff reports spread the weaker sentiment across the broader metals trading market.