President Donald Trump announced a 50% tariff on copper imports on Tueday, a move aimed at bolstering domestic production and reducing U.S. reliance on foreign supplies, particularly from Chile, which accounts for nearly 35% of U.S. copper imports.

Patricia Barreto, a senior base metals analyst at S&P Global Commodity Insights, said that a 50% tariff on copper imports by the US would "severely disrupt existing trade flows" as exporters would divert shipments away from the US.

Copper futures (HG1:COM) extended their rally on Thursday, rising around 2% as traders reacted to U.S. President Donald Trump’s announcement of a 50% tariff on imported copper, set to take effect on August 1.

Chilean copper mines had their best month of export revenue in more than three years in June, with the increase in value outstripping price gains in a sign of rising production.

US President Donald Trump on Tuesday announced a 50% tariff on copper imports and stated he was considering a 200% tariff on pharmaceutical products if manufacturers do not move their operations to the United States.

U.S. President Donald Trump's 50% tariff on copper has placed a record premium on prices of the metal in the United States that is likely to ease over the coming months as a stockpile created by traders anticipating the levy works through the system.

Super Copper has agreed to acquire 100% ownership of the Castilla copper project, a 5,800-hectare exploration area in Chile's Atacama region, from Verdant Resources for $100,000 in an all-cash transaction.

Comex copper for July delivery jumped 66.05 cents per pound, or 13%, to close at $5.645. That's a record high and the biggest single-day gain ever for copper, according to Dow Jones Market Data. The metal is up 41.6% year to date and up 23.3% over the past 52 weeks. In after-hours trading, the metal traded at $5.48 per pound, according to FactSet.