Freeport-McMoRan Cites China, India in Copper Demand; Awaits U.S. 50% Tariff Details Amid Global Grid Expansion

Freeport-McMoRan's CEO highlighted China as a major driver of copper demand and identified India as an important growth market, describing the fundamentals of copper markets as highly attractive. The company is awaiting further details on the U.S. plan to impose a 50% tariff on copper starting August 1, 2025. Despite the anticipated tariff differential with the U.S., Freeport-McMoRan plans to continue selling most of its Indonesian copper cathode into Asian markets in the near term, while evaluating potential shipments to the U.S. based on economic viability. Meanwhile, Southern Copper executives maintain a positive long-term outlook for copper but acknowledge that the ongoing intense U.S.-China trade war could impact global economic growth. The copper market is also benefiting from a surge in demand driven by global power grid expansion, fueled by billions of dollars invested worldwide to modernize and expand grids in support of digital and clean energy transitions. The Chilean government has welcomed an exemption from tariffs on copper, emphasizing its role as a reliable, quality, and transparent supplier.