Copper futures on New York's Comex fell sharply Monday after Chile’s finance minister said he will from tariffs on the metal shipped into the U.S. when trade talks begin in Washington this week. Most-active September copper futures () -2.8% to $5.623/lb, paring losses of as much as 6% earlier in the day, dragging down shares of copper producers including Freeport-McMoRan (NYSE:) -3.4%, Hudbay Mining () -2.2%, Ero Copper () -1.9%, BHP () -1.8%, Rio Tinto () -1.3%, Southern Copper () -0.3%. ETFs: (), (), ( ETN)) \"What we hope is that these conversations that begin today in Washington, also address the topic of copper because it wouldn't be much use to have a trade agreement that excludes copper and timber, which make up more than half our exports to the U.S.,\" Finance Minister Mario Marcel said. The copper market is on edge as President Trump's August 1 tariff deadline approaches, although details of the 50% copper levy are still unclear. The U.S. imports roughly half its copper, with Chile by far the biggest shipper of copper to the U.S.

Freeport-McMoRan, Comex copper drop as Chile reportedly seeks tariff exemption (FCX:NYSE)

Copper futures on the Comex fell sharply after Chile's finance minister indicated potential tariff exemptions for copper exports to the U.S., impacting copper producers like Freeport-McMoRan and others. The U.S. faces an August 1 tariff deadline, with trade negotiations in Washington expected to address copper and timber exports.