BHP (NYSE:BHP) said copper production jumped 17% Y/Y in its fiscal Q2, helping to overcome results from its traditional iron ore asset base which finished nearly flat due to softening demand. In its latest operational review,

BHP Group said iron ore output in its second quarter edged up 1% from the year before, as long-term demand for the steelmaking material is pressured by a bleaker outlook for China’s economy.

Goldman Sachs on Monday said the copper market is pricing in odds of about 50% that there will be a 10% U.S. tariff on the metal by the end of the first quarter of this year.

Goldman Sachs said the copper market is currently pricing in a 50% chance of a 10% US tariff on the red metal by the end of first quarter.