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.

President Donald Trump’s decision this week to impose tariffs starting Aug. 1 on imports of certain copper products, but not on refined copper itself, tanked prices for the industrial metal on Thursday — and has likely brought a halt to a popular trading strategy.