Southern Copper, Freeport-McMoRan Stocks Slip Even As Copper Soars, Tariff Timeline Moves Up – Retail Holds Bullish Stance

Shares of Southern Copper Corp. (SCCO) and Freeport-McMoRan (FCX) fell more than 3% on Wednesday morning, despite copper prices reaching record highs after a Bloomberg report suggested that U.S. tariffs on copper imports could be implemented sooner than expected.

Copper futures on New York’s Comex surged 3.1% to a record $5.3740 per pound before retreating to $5.2815.

In February, President Donald Trump directed the Commerce Department to investigate potential copper tariffs and submit a report within 270 days. 

However, sources familiar with the matter told Bloomberg that the process is moving faster than anticipated and that the investigation appears to be largely procedural.

The White House has not commented on the report. 

Trump has previously threatened to impose up to 25% tariffs on all copper imports as part of a broader push to strengthen the domestic production of critical minerals.

If implemented, this would contrast the approach taken in Trump’s first administration. The steel and aluminum tariffs imposed at the time followed a 10-month review process, whereas the copper-related investigation could conclude in a fraction of that time.

The proposed tariffs align with recent emergency measures to accelerate the development of domestic metals and mining projects. 

However, industry analysts warn that ramping up U.S. copper production could take years, leaving manufacturers facing higher costs in the near term than overseas competitors.

Freeport-McMoRan retail sentiment and message volume on March 26 as of 9:45 a.m. ET | Source: Stocktwits

On Stocktwits, retail sentiment around Freeport-Mcmoran’s stock dipped but remained ‘extremely bullish’ amid significant chatter.

One user recommended investing in U.S. copper stocks, stating that they will benefit from the proposed tariffs.

Another said the stock could rally to $50 once it breaks through resistance at $45.

Freeport-Mcmoran’s stock has fallen over 7% over the past 12 months but has gained nearly 10% in 2025. 

Southern Copper Corp. retail sentiment and message volume on March 26 as of 9:45 a.m. ET | Source: Stocktwits

Retail sentiment around Southern Copper’s stock increased within the ‘extremely bullish’ zone but saw a dip in chatter to ‘normal’ from ‘high’ levels a day ago. 

Southern Copper’s stock has depreciated by 3% over the past 12 months, with gains of over 7.5% in 2025.

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