President Donald Trump announced a 50% tariff on copper imports on Tueday, a move aimed at bolstering domestic production and reducing U.S. reliance on foreign supplies, particularly from Chile, which accounts for nearly 35% of U.S. copper imports.

Chilean copper mines had their best month of export revenue in more than three years in June, with the increase in value outstripping price gains in a sign of rising production.

Patricia Barreto, a senior base metals analyst at S&P Global Commodity Insights, said that a 50% tariff on copper imports by the US would "severely disrupt existing trade flows" as exporters would divert shipments away from the US.

Proximity to Super Copper’s other Chilean asset, the Cordillera Cobre project, creates operational efficiencies.

U.S. President Donald Trump's 50% tariff on copper has placed a record premium on prices of the metal in the United States that is likely to ease over the coming months as a stockpile created by traders anticipating the levy works through the system.

Comex copper for July delivery jumped 66.05 cents per pound, or 13%, to close at $5.645. That's a record high and the biggest single-day gain ever for copper, according to Dow Jones Market Data. The metal is up 41.6% year to date and up 23.3% over the past 52 weeks. In after-hours trading, the metal traded at $5.48 per pound, according to FactSet.