SINGAPORE — Copper prices on the London Metal Exchange and Shanghai Futures Exchange traded in a range on Monday, as investors awaited progress in US trade talks and clarity on potential copper import tariffs.
Three-month copper on the LME eased 0.15 percent to $9,863 per metric ton, while the most-traded copper contract on the SHFE gained 0.13 percent to 79,840 yuan ($11,132.03) a ton.
Uncertainty clouded US trade talks after President Donald Trump abruptly ended negotiations with Canada on Friday, denouncing its tax on US tech firms as a “blatant attack” and vowing to impose new tariffs on Canadian goods within the week.
Meanwhile, expectations that the US will impose tariffs on copper imports have pulled metal to that country, leaving shortages elsewhere.
“The ongoing squeeze on the LME also provided some support to prices,” ANZ said.
“Spot copper contracts continue to trade at huge premiums to later-dated futures. Supplies in LME warehouses have been partly drained due to record shipments to the US ahead of upcoming tariffs.”
