NEW DELHI- Copper prices in London edged higher on Monday, tracking some weakness in the dollar, although concerns over looming US tariffs checked gains.
Benchmark three-month copper on the London Metals Exchange (LME) was up 0.8 percent to $9,929.5 a metric ton.
The dollar drifted just below a three-week high versus major peers, as traders cautiously awaited clarity on US President Donald Trump’s next round of tariffs.
A weaker US currency makes dollar-priced metals cheaper for buyers using other currencies.
The next round of tariffs is due on April 2, when the White House will announce reciprocal levies on many countries.
“Expectations are rising that President Trump’s broad retaliatory tariffs due to come into effect on April 2 will hurt global economic growth,” ANZ Research said in a note.
“We don’t expect global growth to lurch lower, but it is likely to be softer. We expect the slowdown to be led by the US and parts of Asia.”
Among other metals, LME aluminum rose 0.3 percent to $2,630 a ton, lead was up 1.07 percent at $2,038, zinc gained 0.5 percent to $2,942.5, tin advanced 0.5 percent to $34,670, and nickel climbed 0.3 percent to $16,105 a ton.
SHFE copper was up 0.09 percent to 81,200 yuan ($11,186.42) a ton, SHFE aluminum eased 0.4 percent to 20,710 yuan a ton, zinc rose 1.5 percent to 24,175 yuan, and lead was up 0.3 percent at 17,525 yuan. Nickel however, lost 0.3 percent to 129,400 yuan and tin eased 0.6 percent to 277,140 yuan.
