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US Copper Tariff U-Turn: Market Rescue or Destruction? UBS Decodes FCX Crash Truth
UBS July 31 report reveals US sudden exemption of 50% import tariffs on major copper products triggered Comex copper price plunge over 20% and FCX stock crash 9.5%. Report highlights US accumulated 50-70K tons excess inventory, equivalent to 30-40% annual demand, posing persistent downward pressure on global copper prices. UBS downgrades FCX to neutral, warns 10-20% EBITDA downside risk. Tariff cancellation more negative for copper prices short-term, intensifying LME downside risks.
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By Wall Street PodcastUBS July 31 report reveals US sudden exemption of 50% import tariffs on major copper products triggered Comex copper price plunge over 20% and FCX stock crash 9.5%. Report highlights US accumulated 50-70K tons excess inventory, equivalent to 30-40% annual demand, posing persistent downward pressure on global copper prices. UBS downgrades FCX to neutral, warns 10-20% EBITDA downside risk. Tariff cancellation more negative for copper prices short-term, intensifying LME downside risks.