SHANGHAI- Copper prices in London fell to a two-week low on Monday on heightened concerns about a global trade war, as US President Donald Trump’s reciprocal tariffs loomed.
The benchmark three-month copper on the London Metals Exchange (LME) lost 0.4 percent to $9,760 per metric ton.
Trump announced on Sunday that the reciprocal tariffs he plans to introduce this week will apply to all nations.
“High uncertainties surrounding Trump’s tariffs have worried investors. If Trump imposes tariffs on copper earlier, some arbitrage traders may face losses if their shipments can’t reach the US before the tariffs are enforced,” a base metals trader said.
Meanwhile, tin prices on the Shanghai Futures Exchange bucked the downward trend, rising 0.7 percent to 283,100 yuan ($39,035.35), due to fears of supply disruptions from an earthquake in tin-rich Myanmar last Friday.
Among other metals, LME aluminum fell 0.1 percent to $2,544 a ton, lead eased 0.1 percent to $2,025, zinc shed 0.6 percent to $2,841, tin lost 1.4 percent to $35,710 and nickel was down 1.6 percent to $16,120 a ton.
SHFE copper slid 1.0 percent to 79,990 yuan a ton, SHFE aluminum fell 0.4 percent to 20,525 yuan a ton, zinc dropped 2.0 percent to 23,375 yuan, lead lost 0.5 percent to 17,405 yuan, nickel lost 1.5 percent to 128,940 yuan.
