SHANGHAI- Copper prices on the London Metals Exchange hit their highest in more than five months on Thursday, with markets watching out for potential US tariffs on copper.
Benchmark three-month copper on the LME was up 0.2 percent to $10,009 a metric ton hitting the highest since early October 2024.
US President Donald Trump has ordered a probe into possible new tariffs on copper, inflating the premium of Comex copper over the LME contract, which was at a record high of $1,259 a ton on Wednesday, surpassing a record peak hit on Tuesday.
“Copper prices are likely to remain supported in the near term amid front-loading ahead of tariffs,” ING economics said in a note.
The threat of copper tariffs under the Trump administration has led to a surge of copper imports into the US consequently tightening supplies in other regions, as noted by ING.
The LME Nickel price was the worst performer among the base metals sector and was down 1.9 percent to $16,095 a ton, with supply worries eased by news that the major nickel processing complex in Indonesia remained unaffected by recent floods.
LME aluminum rose 0.1 percent to $2,672.5 a ton, lead was up 0.1 percent to $2,088, zinc gained 0.2 percent to $2,931 and tin was up 0.1 percent to $35,040.
SHFE copper climbed 1.0 percent to 81,440 yuan ($11,262.46) a ton, SHFE aluminum added 0.9 percent to 20,855 yuan a ton, zinc slid 0.6 percent to 23,695 yuan, lead was unchanged at 17,630 yuan and nickel lost 1.5 percent to 128,390 yuan. Tin lost 0.4 percent to 280,220 yuan.
