The news sent copper prices soaring to records on Tuesday.Morgan Stanley flagged two public companies that are set to benefit from new duties on copper. An unexpected update on the trade war from President Donald Trump sent copper prices soaring this week,

Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.

President Claudia Sheinbaum said on Wednesday Mexico could redirect the copper it typically sends to the U.S. to avoid tariffs from the Trump administration, while her Chilean counterpart Gabriel Boric said he had yet to hear from the U.