Copper mining stocks in India took a hit in early trade on July 9 after U.S.
President Trump announced plans to impose a 50% tariff on imported
copper. This unexpected move triggered a sharp 12% spike in U.S. copper prices,
while the global benchmark, LME Copper, slipped due to concerns over market
disruption. For traders and investors, this sudden volatility highlights the importance of a
dynamic stock market strategy and quick decision-making in intraday trading to
navigate such geopolitical shocks.
Prices of US Comex copper futures jumped over 12 percent to hit a record high after
Trump’s announcement, as the 50 percent rate mentioned by Trump was higher than
analysts’ expectations.
Shares of Vedanta, Hindustan Copper and Hindalco Industries shares fell in early
trade, with shares of Hind Copper down by over 3.31 percent at 10:14 am.
Stock Market Strategy
Vedanta Ltd (CMP: ₹450.40 | -1.29%)
Entry Range: ₹448–₹451 | Target: ₹458 | Stoploss: ₹445 (Strategy: Buy on dip)
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Hindustan Copper Ltd (CMP: ₹264.70 | -3.31%)
Entry Range: ₹262–₹264 | Target: ₹269 | Stoploss: ₹260 (Strategy: Avoid aggressive
longs; consider scalp buy only near support)
Hindalco Industries Ltd (CMP: ₹678.65 | -1.01%)
Entry Range: ₹676–₹680 | Target: ₹688 | Stoploss: ₹672 (Strategy: Buy on pullback)
Copper in Focus amid Tariff Talk
"I believe the tariff on copper, we're going to make 50%," the US President told
reporters at a White House cabinet meeting. Following this, US Commerce Secretary
Howard Lutnick said in an interview with CNBC that the copper tariffs will likely be put in
place by the end of July or August 1, and President Trump would post details regarding
the same on his Truth Social media account on Tuesday.
"The idea is to bring copper home, bring copper production home, bring the ability to
make copper, which is key to the industrial sector, back home to America," Lutnick said.
He added that the administration's Section 232 investigation into US imports of the red
metal was completed, much ahead of the November deadline for the review.
Trump’s copper tariff dare comes as the demand for the metal is expected to rise going
ahead, with increasing demand seen from data centers, car companies and power
producers. Already, there are duties in place on import of steel, aluminum and
automobiles into America.
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