Options traders who bet the Trump administration would renege on its promise to tariff raw copper imports are cashing in big.

Raw copper materials will not face the high duty that had been expected, but consumer goods prices may still be impacted.

The once-mighty premium U.S. copper enjoyed over the global benchmark slid on Thursday as markets clawed back months of gains in hours of frenzied trading after President Donald Trump surprised markets with pared-back tariffs.