London-listed miners popped Thursday with the coppor market in turmoil, as investors digested better economic news from China.

Though U.S. copper futures are down from Tuesday’s record of $5.645 a pound, they remain up about 37% this year. In the global trading hub in London, meanwhile, copper changed hands at around $4.50 a pound on Wednesday.

Berner agrees that higher copper tariffs will bring up prices for U.S. homebuilders. This would leave them with two options: pass on the additional costs to homebuyers or build less, a move that is likely to exacerbate the country's ongoing shortage.

Copper prices in the United States jumped more than 12% to a record high above $12,330 per metric ton after U.S. President Donald Trump said he would announce a 50% tariff on imports of the metal on Tuesday.

The Nymex front month copper future price hit fresh record highs early Wednesday, but pulled back slightly after a spot of profit taking. The U.S. based contract surged 13.25% on Tuesday, a record daily move,