Mining stocks rally comes to abrupt halt as copper, silver prices plummet and gold slides
Freeport-McMoRan and Teck Resources led copper producers down 7% after a report that the White House has yet to decide on refined copper tariffs, and Freeport's $100 billion valuation is back in play.
Metal and mining stocks experienced a significant sell-off on Thursday as a US producer price report and crude oil prices above $105 per barrel increased the chances of a Federal Reserve rate increase in the upcoming week to approximately 70%. The White House's copper tariff plan progress also came to a halt, further damaging the metal that had been setting records for four consecutive sessions.
Comex copper for December delivery experienced a sharp decline, falling by as much as 5.4% to $6.5160 per pound, while gold dropped 2.1% to $4,365.40 an ounce. Silver prices also suffered, with December silver sliding by as much as 6.1% to $64.455, and platinum and palladium each losing more than 6%.
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