SHANGHAI- Copper prices on the London Metals Exchange (LME) retreated from a five-month high on Wednesday, with markets watching out for potential US tariffs on copper.
Benchmark three-month copper on the LME slid from a five-month high and fell 0.1 percent to $9,894.5 a metric ton.
US President Donald Trump had previously 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 $1,192 a ton on Tuesday.
“Trump’s potential tariff on copper is what we are watching closely now and the premium of Comex copper over LME copper continues to broaden, with the market speculating about a potential 25 percent tariff on copper by Trump,” a trader said.
Meanwhile, the head of Russian metals and mining giant Nornickel Vladimir Potanin, said on Tuesday that he expects updates on a Chinese copper-producing joint venture in the coming months.
Nornickel is in talks for a joint venture in China, with potential investments in early financial plans for 2025-2026.
LME aluminum fell 0.2 percent to $2,649.5 a ton, lead slid 0.1 percent to $2,093, zinc lost 0.4 percent to $2,952 and tin shed 0.1 percent to $35,190. Nickel gained 0.5 percent to $16,325.
SHFE copper climbed 0.4 percent to 80,660 yuan a ton, SHFE aluminum dropped 0.9 percent to 20,640 yuan a ton, zinc slid 0.4 percent to 23,855 yuan, lead lost 0.1 percent to 17,615 yuan and nickel lost 0.2 percent to 130,520 yuan. Tin added 0.1 percent to 280,830 yuan.
