President Donald Trump has announced plans to impose a 50% tariff on copper imports, a move aimed at bolstering US production of the essential metal, as reported by Reuters. Following the announcement,

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.