Australia’s stock market fell across the board on July 9, with the S&P/ASX 200 dropping 0.61% to 8,538.6 points. Markets reeled after Trump announced plans to impose 50% tariffs on imported copper (effective as early as late July) and 200% on pharmaceuticals, triggering a 13.1% daily surge in copper prices—their biggest jump since 1989.
Sectors diverged sharply: gold miners faced panic selling as gold prices fell to $3,300/ounce, with Northern Star (-3.4%), Newmont (-5.4%), and Westgold (-5.6%) leading losses. The broader mining sector slid 1.3%. Among individual stocks, senior living operator Lifestyle Communities plunged 37.2% to an eight-year low after being found guilty of illegal overcharging. Banks split: Westpac rose 0.7% while the other "big four" were flat or slightly down.
Australia, a major copper producer (4.7 million tonnes annually), sends only 1% of its output to the U.S. ($55 million yearly). Global miners like BHP (-1.0%) and Rio Tinto (-0.6%) may buffer risks via diversified operations, but shocks to top U.S. supplier Chile could indirectly hit Australian firms. IG analysts noted "difficulties in shifting local copper refining capacity," questioning the policy’s practical impact.
