New Delhi, Jul 31 (PTI) Copper prices on Thursday dropped Rs 36 to hit an all-time low of Rs 861.70 per kilogram in futures trade after the Trump administration announced that it plans to impose a 50 per cent tariff on copper imports.
On the Multi Commodity Exchange, copper contracts for August delivery declined by Rs 35.9 or 4 per cent to hit an record low of Rs 861.70 per kilogram.
Meanwhile, copper futures in the US saw a sharp decline of nearly 22 per cent -- marking its largest single-day loss on record -- to trade at USD 4.38 a pound.
On the London Metals Exchange, copper futures for October delivery fell 1.02 per cent to trade at USD 9,698.50 a ton.
In a statement on Wednesday, the White House said that it will impose a 50 per cent tariff to semi-finished copper products and copper-heavy goods, but not to copper ores, concentrates, or cathodes starting from August 1.
According to Axis Securities, Copper registered a steep decline of more than 20 per cent marking its largest single-day loss on record.
The sell-off followed President Donald Trump's announcement to exclude refined copper from the upcoming tariff package set to take effect on Friday, triggering a sharp reversal in sentiment, the brokerage firm said.
Further market experts said the deadline for new tariff rates is looming large, and creating a degree of uncertainty among the investors.