On September 10, Global X Copper Miners ETF fell 6.39% in regular trading, trading at $88.92/share, with turnover of $62.65 million. The sharp decline came as copper prices suffered a dramatic reversal after reports emerged that the White House has yet to decide whether to impose tariffs on refined copper.

According to two sources familiar with the matter, the White House copper tariff plan has stalled as officials weigh the trade-off between boosting domestic mining and raising manufacturing costs and living expenses. The hesitation has intensified ahead of the November midterm elections, with pressure mounting to demonstrate that economic policies are lowering — not raising — costs for consumers and businesses. Prior to this news, LME copper had surged to a record high of $14,779/ton, while COMEX copper also hit all-time highs, driven largely by expectations that the U.S. would impose 15% tariffs on refined copper starting in 2027, rising to 30% in 2028.

Following the report, LME copper fell over 3% intraday and COMEX copper dropped more than 4%, as the tariff expectation had been a key driver of a massive copper stockpiling rush into the U.S., with July imports alone reaching 200,000 tons — the largest single-month inflow since 2014. Freeport-McMoRan also fell over 7% at the open on the same catalyst.

Global X Copper Miners ETF invests at least 80% of its total assets in securities of an underlying index designed to measure broad-based equity performance of global companies involved in the copper mining industry.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)