Producers of metals and other raw materials amid hopes of trade compromise between the U.S. and the European Union.
President Donald Trump published more letters dispatched to exporting nations, warning of tariffs that would take effect on Aug. 1. Tariff rates ranged from 20% for products from the Philippines to 30% for products from Algeria, Iraq, Sri Lanka, and Libya. Trump had published similar letters to major exporting nations including Japan and South Korea earlier in the week.
A reported draft agreement with the EU would retain the 10% tariff on most goods and may not include exemptions for the 25% levy on cars and 50% tax on steel, the Journal reported.
Copper futures fell by 3.6%, but hung on to the bulk of their record-setting 13% gain Tuesday.
"The surging demand for U.S. copper ahead of the looming tariffs has pushed domestic prices to a more-than 25% premium over copper trading at the London Metal Exchange," said Adam Turnquist, chief technical strategist at brokerage LPL Financial.
"Furthermore, LME copper inventories have been significantly depleted, raising concerns about a global supply shortage outside the U.S."
Metals producers are likely to benefit from the economic environment, whether or not inflation takes hold. The SPDR Select Sector Materials exchange-traded fund, which tracks the materials industry group of the S&P 500, is up about 10% for the year to date, trading near a record high.
Cattle futures closed at another record high, as falling corn prices buoyed prospects for meat production.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
July 09, 2025 17:09 ET (21:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.