Trade worries hit mining stocks as copper and aluminium prices fall

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Mining stocks slipped on Monday, with Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF), Glencore PLC (LSE:GLEN) and Fresnillo PLC (LSE:FRES) all underperforming, pulling the FTSE 350 Mining index down by 1%.

Industrial metals extended losses on the London Metal Exchange, led by copper fell 0.6% and aluminium.

The downturn followed a Truth Social post by US President Donald Trump announcing a 10% tariff on imports from nations in the BRICS grouping (Brazil, Russia, India, China and South Africa), to be levied on top of existing duties and with no exemptions.

This fresh twist in US trade policy adds to uncertainty as Washington prepares to finalise reciprocal tariffs aimed at narrowing deficits and boosting domestic production of steel, aluminium and copper.