London copper prices fell as markets digest Trump’s larger-than-expected 50% tariff on copper imports. BMI expects the tariff to be reversed at some point.

London-listed miners popped Thursday with the coppor market in turmoil, as investors digested better economic news from China.

The U.S. accounts for less than 10% of global refined copper demand, but the anticipated tariffs have distorted global trade flows, UBS said. As traders chased the premium between U.S. and London copper prices, copper was diverted from major markets like China and Europe, leading to tighter supply in those regions.

London copper prices pared some earlier losses in volatile trading as traders digest President Trump’s announcement of a 50% U.S. import tariff. Gold futures slipped.

Fears of an upcoming 50% copper tariff have caused a spike in copper prices in the US, though the red metal’s price is falling elsewhere