(Feb 26) : Copper futures climbed after President Donald Trump signed an executive action directing the Commerce Department to examine possible tariffs on the metal. 

The move was the latest in a string of measures aimed at imposing sector-specific levies that offer to reshape global supply chains. Key copper spreads have seen major dislocations this year on the potential for gaps between US and global prices.

Copper futures traded on the Comex in New York rose as much as 2.4%, the biggest intraday increase since Feb 12. Shares of US-traded copper miners also climbed on the news, with Freeport-McMoRan Inc jumping more than 6% in aftermarket trading, compared with Tuesday’s settlement.

The investigation will be carried out under Section 232 of the Trade Expansion Act, which gives the president broad authority to impose trade restrictions on domestic security grounds. Trump is also employing that authority to impose 25% tariffs on two other industrial metals — steel and aluminum — with those levies slated to take effect in March.