Miners exposed to U.S. copper prices on the Chicago Mercantile Exchange (CME) are the biggest beneficiaries of President Donald Trump’s 50% tariffs on the metal, according to Bank of America. Trump’s abruptly announced tariff sent copper prices soaring Tuesday, with the September futures contract on the CME jumping about 13% to post it highest settle ever and best daily performance since 1989. Two key copper stocks with exposure to CME pricing are Freeport-McMoRan and Southern Copper , according to Bank of America analysts. About 36% of Freeport’s estimated 2025 revenues are attributable to U.S. copper prices while 40% of Southern Copper’s expected sales are based on CME pricing, the analysts told clients in a Wednesday note. CME copper prices typically outperform global prices on the London Metals Exchange by about 600 basis points, the analysts said. CME prices are outperforming global prices by 1,400 basis points in the wake of Trump’s copper tariff announcement, according to the analysts. FCX SCCO YTD mountain SCCO and FCX in 2025 “For copper producers that sell on CME pricing, this would mean higher realized revenues,” Bank of America’s Lawson Winder told clients. Freeport shares are up more than 20% year to date, while Southern Copper has gained nearly 13%. Bank of America has a buy rating on Freeport-McMoRan and a price target of $50, implying upside of 8% from Tuesday’s close. On Southern Copper, however, the bank has an underperform rating on shares as well as a $75 price objective — which signals 27% downside.
