Producers of metals and other raw materials fell after weak jobs data and tariff moves that caused a plunge for copper prices.
Copper futures tumbled 23%, $4.41 per pound, this week for their largest weekly decline on record, going back to 1968.
The tariff levied on copper imports was not as broad as feared.
On the eve of the Trump administration's tariff deadline, stores of the industrial metal in the U.S. were priced at a 30% premium to London copper, as arbitrageurs moved metal across the Atlantic to play the spread in prices.
Trump cited Canada's retaliation to his April warnings when he signed an executive order raising tariffs to 35% from 25% on roughly 15% of Canadian imports that aren't compliant with the USMCA trade agreement.
Gold futures ticked up as traders sought out safe havens.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
August 01, 2025 17:18 ET (21:18 GMT)
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