Base Metals Sector Rises Broadly; Century Aluminum Leads Gains

Stock News07-21 22:38

On Tuesday, the base metals sector experienced broad-based gains.

Century Aluminum (CENX.US) led the advance, rising more than 6%.

Southern Copper Corporation (SCCO.US) and Freeport-McMoRan Inc. (FCX.US) also saw significant increases, each climbing more than 4%.

BHP Group Ltd (BHP.US) shares advanced over 2%, while Rio Tinto plc (RIO.US) gained more than 1%.

The positive movement follows an announcement from the White House on July 20th.

President Trump signed a proclamation that day, utilizing Section 232 of the Trade Expansion Act of 1962 to offer import tariff relief on primary aluminum for companies investing in U.S. production projects.

The proclamation stated the U.S. Department of Commerce will establish a mechanism to encourage investment in new, expanded, or modernized aluminum smelters within the United States.

Eligible projects must commit to breaking ground by January 20, 2029.

The Commerce Department will permit companies undertaking such projects to import an annual volume of primary铝 equal to the new project's anticipated yearly output, while paying import duties at a rate reduced by half from the standard Section 232 tariff.

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