Copper declined after US President Donald Trump said he planned to impose import tariffs on the metal, as well as aluminum and steel, raising fears of trade wars and spurring further gains in the dollar.

The Financial Times reported that Treasury Secretary Scott Bessent is pushing for universal tariffs starting at 2.5% and rising gradually.

President Donald Trump’s vow of tariffs on US copper and aluminum imports would result in higher costs for local consumers because of a shortfall of domestic production and the length of time it would take to renew the industry, analysts and industry participants said on Tuesday.

India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall.

JSW Group secured the contract via a competitive bidding process for a 20-year term, with the possibility of a ten-year extension.