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00:02Copper prices traded around $6.40 per pound Wednesday
00:06as Wall Street reacted to the midterm elections, according to Benzinga.
00:10The possibility of U.S. tariffs on refined copper imports
00:14has driven large amounts of copper into the United States.
00:18This has kept copper futures prices on the U.S. COMEX exchange
00:21higher than prices on the London Metal Exchange.
00:24A Democratic Congress could increase scrutiny of the artificial intelligence sector,
00:29putting pressure on copper demand from data centers, according to Bloomberg.
00:33However, ING economist James Smith said Trump could use executive trade powers
00:38to impose tariffs on refined copper imports without congressional approval.
00:43Those tariffs could benefit domestic producers, including Freeport McMorrin,
00:47by lifting U.S. copper prices relative to global benchmarks.
00:51Meanwhile, Freeport announced a $4.5 billion expansion of its Baghdad mine in Arizona.
00:57For all things money, visit Benzinga.com.
