Imports of certain copper products into the US face a 50% tariff from Aug. 1 as President Donald Trump seeks to revive the domestic supply chain and make the country less reliant on foreign sources of this critical material.

U.S. copper prices surged to records and well above global prices this month after Trump said he would impose a 50% import tax on the metal, which is used to make electronics, automobiles and in construction, where it is used to convey water in pipes and electricity in wires.

While deGraaf said he thinks copper is now technically “oversold” but still within its broader trend, the market needs some time to stabilize. He said he expects volatility to