SINGAPORE — Prices of London copper ticked down on Wednesday as uncertainty over US tariffs on the metal kept a lid on prices.
Three-month copper on the London Metal Exchange eased 0.2 percent to $9,615.5 per metric ton. The most-traded copper contract on the Shanghai Futures Exchange gained 0.5 percent to 78,910 yuan ($10,979.24) a ton.
Starting Wednesday, the US has doubled tariffs on steel and aluminium imports to 50 percent for all trading partners except Britain, the only country whose steel and aluminium exports will be taxed at 25 percent until at least July 9.
“Copper found some support amid fears that the metal may also be subject to US tariffs. The Trump administration is currently reviewing the impact of US copper imports on the local industry,” ANZ said.
The dollar drifted lower as the market looked ahead to US employment data for May for immediate trading cues, while waiting on developments in President Donald Trump’s tariff negotiations with key trading partners, including China.
The continued outflow of copper from LME-registered warehouses led to a drop in inventory to 143,850 tons, the lowest in almost a year, following the delivery of 4,600 tons.
Among other LME metals, aluminium gained 0.4 percent to $2,472 a ton, tin fell 0.3 percent to $31,275 and zinc dipped 0.2 percent to $2,702.50.
