The mining giant posted a sharp rise in second-quarter copper production thanks to a jump in output at Escondida, the world’s largest copper mine.

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. Analysts at the U.S. investment bank said in a client note that the estimate is similar to their own 50% subjective probability of a 10% effective tariff on copper by year-end.

Goldman Sachs stated in a client note on Monday that the copper market is currently pricing in a 50% probability of a 10% US tariff on the red metal by the end of the first quarter, according to a Reuters report.