Metal stocks in India, including Hindustan Copper and Tata Steel, fell up to 3.5% on July 9, 2025, following U.S. President Donald Trump’s announcement of a 50% tariff on copper imports. The move raised fears of further protectionist measures on other base metals, impacting market sentiment globally and causing steep declines in Nifty Metal index constituents.
Shares of key Indian metal companies witnessed a steep decline on July 9 after U.S. President Donald Trump announced a 50% import duty on copper, triggering global concerns over potential trade expansion on other base metals.
Major firms such as Hindustan Copper, Tata Steel, Steel Authority of India Limited (SAIL), Jindal Stainless, and Vedanta came under selling pressure during the trading session. The Nifty Metal index dropped sharply as investors reacted to escalating trade protectionism.
Hindustan Copper led the losses, falling 3.5% to ₹264, followed by SAIL with a 2.35% decline to ₹131.82. Other major players, including Tata Steel, Hindalco, NMDC, Hindustan Zinc, and Jindal Steel & Power, saw declines ranging from 1% to 3%.
President Trump, during a Cabinet meeting at the White House, declared, “Today, we’re doing copper… I believe the tariff on copper, we’re going to make it 50%.” Although no implementation date was specified, the announcement sparked fears of a broader crackdown on metal imports, particularly targeting industrial commodities.
Trump’s decision follows his earlier move in June 2025 to raise steel and aluminum tariffs to 50%, building on his earlier 25% duties from 2018. With copper now added to the list, analysts anticipate potential disruptions in global trade flows and inflationary pressure on downstream industries.
Economists warn that such aggressive tariffs could burden industries reliant on imported metals and risk retaliatory measures from exporting nations like Chile — currently the largest supplier of copper to the U.S.
Meanwhile, copper futures surged 17% on the Comex on July 8, reaching a record high, before retracting by over 4% the next day. On the London Metal Exchange, copper slipped 2.4% in early trading on July 9 but partially recovered during the session.
The Indian stock market’s reaction reflects fears that global metal demand may weaken if tariffs lead to reduced consumption and trade imbalances. Traders are now closely watching further policy developments from Washington, D.C., which could intensify market volatility.
