What if Carbon-border tariffs reshape global copper-smelting flows?
EU CBAM-style carbon levies on metals raise costs for coal-powered smelters and reroute concentrate to cleaner refiners, lifting compliant-copper premiums.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 1–3 years horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a mixed shock. EU CBAM-style carbon levies on metals raise costs for coal-powered smelters and reroute concentrate to cleaner refiners, lifting compliant-copper premiums. The trigger decomposes into signed root‑shocks — Copper ▲ · Clean-energy abundance ▲ · Industrial demand ▲ · Trade tension ▲ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | Semiconductors SMHon Hyperliquid 📈 chart | Equity | ▼ -0.5% hist -0.46–-0.12% · other way +1.87% (n=4) |
| 2 | Nasdaq 100 NDXon Hyperliquid 📈 chart | Index | ▼ -0.5% hist -0.32–-0.16% · other way -1.27% (n=5) |
| 3 | Energy sector XLEon Hyperliquid 📈 chart | Equity | ▼ -0.5% hist -2.42–+0.28% · other way -11.23% (n=4) |
| 4 | Freeport (copper) FCX 📈 chart | Equity | ▲ +0.4% hist -3.41–+0.91% · other way -11.84% (n=4) |
| 5 | Brent crude BRENTon Hyperliquid 📈 chart | Commodity | ▼ -0.4% hist -3.96–+0.66% · other way -13.6% (n=4) |
| 6 | ExxonMobil XOM 📈 chart | Equity | ▼ -0.4% hist -1.72–+0.46% · other way -0.26% (n=12) |
| 7 | Copper XCUon Hyperliquid 📈 chart | Commodity | ▲ +0.4% hist -4.31–+0.61% · other way -6.84% (n=4) |
| 8 | WTI crude CLon Hyperliquid 📈 chart | Commodity | ▼ -0.4% hist -3.39–+0.41% · other way -12.84% (n=4) |
| 9 | Alibaba BABAon Hyperliquid 📈 chart | Equity | ▼ -0.4% hist -1.45–+0.39% |
| 10 | TSMC TSMon Hyperliquid 📈 chart | Equity | ▼ -0.4% hist -1.4–+0.42% · other way -1.02% (n=4) |
| 11 | Nvidia NVDAon Hyperliquid 📈 chart | Equity | ▼ -0.4% hist -0.68–+0.85% · other way -16.4% (n=4) |
| 12 | Tech sector XLK 📈 chart | Equity | ▼ -0.3% hist -0.36–+0.19% · other way +0.15% (n=4) |
| 13 | AMD AMDon Hyperliquid 📈 chart | Equity | ▼ -0.3% hist -0.46–+0.49% · other way -11.69% (n=5) |
| 14 | Broadcom AVGOon Hyperliquid 📈 chart | Equity | ▼ -0.3% hist -0.63–+1.14% |
Probable recommendation
Historical precedent — what analogous events actually did
Across 40 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| XCU XCU | SHORT | -3.6% · 5d -0.9% | 75% | 28 | 0.45 | ⚠ differs |
| CL CL | SHORT | -2.7% · 5d -3.2% | 73% | 28 | 0.40 | ✓ matches cascade |
| XLE XLE | SHORT | -1.9% · 5d -0.9% | 71% | 28 | 0.38 | ✓ matches cascade |
| BRENT BRENT | SHORT | -3.2% · 5d -3.4% | 69% | 28 | 0.34 | ✓ matches cascade |
| CNY CNY | SHORT | -0.2% · 5d -0.2% | 68% | 28 | 0.34 | ✓ matches cascade |
| INTC INTC | SHORT | -3.1% · 5d -1.0% | 69% | 33 | 0.34 | ✓ matches cascade |
| FCX FCX | SHORT | -3.1% · 5d -1.0% | 68% | 28 | 0.32 | ⚠ differs |
| MRVL MRVL | LONG | +3.2% · 5d -0.2% ↺ fades | 71% | 28 | 0.32 | ⚠ differs |
| QCOM QCOM | SHORT | -3.0% · 5d -2.3% | 69% | 28 | 0.28 | ✓ matches cascade |
| Gold XAU | LONG | +0.8% · 5d -0.5% ↺ fades | 64% | 28 | 0.27 | · |
| 10y yield DGS10 | SHORT | -4bp · 5d +2bp ↺ fades | 60% | 39 | 0.19 | · |
| MU MU | SHORT | -3.0% · 5d -1.6% | 59% | 32 | 0.16 | ✓ matches cascade |
| CVX CVX | SHORT | -1.4% · 5d -0.8% | 59% | 39 | 0.15 | ✓ matches cascade |
| XOM XOM | SHORT | -1.4% · 5d -0.9% | 57% | 39 | 0.13 | ✓ matches cascade |