The US holds 5.5% of the world’s copper reserves but relies heavily on imports. In 2024, the US imported 810,000 tonnes of refined copper worth $10bn. The Trump administration aims to boost domestic copper production through tariffs. However, challenges like slow development and infrastructure hinder progress. Trump’s tariffs on copper products caused a price drop in the market. Despite plans for growth, the US faces refining capacity issues. China dominates the global copper refining scene with 97% control. US production is forecasted to grow, but refining expansion remains a challenge due to barriers like capital and regulation. The US faces challenges in competing with China’s capital-efficient copper smelting capacity, making it difficult to expand domestic production. With only two operational primary copper smelters in the US and high production costs, analysts suggest efforts should focus elsewhere. Regulatory hurdles, such as lengthy permitting processes, hinder access to the US’s 55mt copper reserves. While the government aims to streamline regulations, significant investment, regulatory changes, and improved recycling efforts are needed for the US to reduce reliance on imported copper. Despite progress, achieving full domestic copper production remains a long-term goal. 1. The stock market reached record highs today, with the S&P 500 closing at 4,500 for the first time ever. Tech stocks led the way, with Apple and Microsoft both seeing significant gains.

2. In international news, tensions continue to rise between Russia and Ukraine as Russian troops amass along the border. The US and NATO have expressed concern over the situation, calling for a peaceful resolution.

3. A new study has found that the COVID-19 vaccine is highly effective in preventing severe illness and death. The study, which was conducted on over 100,000 people, showed that the vaccine reduced the risk of hospitalization by 95%.

4. Climate change continues to be a pressing issue, with record-breaking temperatures and wildfires raging across the globe. Experts warn that urgent action is needed to reduce greenhouse gas emissions and mitigate the effects of climate change.

Read more at 1. Tesla surpasses $1 trillion market value after strong quarterly earnings report. – CNBC

2. Apple announces record-breaking $123.9 billion in revenue for Q4 2021. – Wall Street Journal

3. Federal Reserve raises interest rates by 0.25% in response to rising inflation. – Reuters

4. Facebook parent company Meta Platforms reports lower-than-expected revenue growth, causing stock to drop 20%. – CBS MarketWatch

5. Amazon unveils plans to hire 150,000 seasonal workers for upcoming holiday season. – Barchart: The US is copper-rich, but can Trump really “bring copper home”?