Copper spiked 17%, but then fell off on the news. Essentially, the market is in turmoil on the news of 50% tariffs, which were announced more or less in an off-the-cuff remark. We do not think copper players expect 50% will 'stick'. ARG's production is in Chile, so it may be impacted, certainly. But copper is a global commodity, and ARG does not 'need' to import into the US. Still, the price gyrations and possible economic impacts may have an influence on the company's prospects in the near term. But we think the move is more likely to see prices creep higher, which should help ARG overall.
5i Research Answer: