SHANGHAI- Most base metals fell on Tuesday amid caution after US President-elect Donald Trump denied a report about pared-back trade tariffs.
Three-month copper on the London Metal Exchange (LME) slipped 0.2 percent to $8,981 per metric ton.
The US dollar hovered near a one-week low as traders considered whether Trump’s trade tariffs would be less aggressive than promised.
The dollar plummeted following media reports that Trump’s team was considering selective tariffs focusing on sectors critical to national or economic security. However, Trump’s denial of these scaled-back tariff plans on social media triggered a recovery in the greenback.
The dollar index was at $108.25, slightly down from its two-year high of $109.25 recorded on Jan. 2.
A stronger dollar makes greenback-priced commodities more expensive for holders of other currencies.
“Currently, our focus is on the strength of the dollar. Nowadays, metals tend to move in unison,” a trader said.
The most-traded February copper contract on the Shanghai Futures Exchange (SHFE) rose 0.7 percent to 74,200 yuan ($10,124.99) a ton by the end of Asian morning trade.
LME aluminum was little changed at $2,490 a ton, nickel slid 0.1 percent to $15,165, zinc fell 0.6 percent to $2,885, tinshed 0.1 percent to $29,255 and lead slipped 0.4 percent to $1,938.5.
SHFE aluminum eased 0.1 percent to 19,645 yuan a ton, zinc retreated 0.6 percent to 24,345 yuan, lead was relatively unchanged at 16,735 yuan, while nickel gained 0.2 percent to 122,770 yuan and tin rose 0.4 percent to 248,030 yuan. SHANGHAI- Most base metals fell on Tuesday amid caution after US President-elect Donald Trump denied a report about pared-back trade tariffs.
Three-month copper on the London Metal Exchange (LME) slipped 0.2 percent to $8,981 per metric ton.
The US dollar hovered near a one-week low as traders considered whether Trump’s trade tariffs would be less aggressive than promised.
The dollar plummeted following media reports that Trump’s team was considering selective tariffs focusing on sectors critical to national or economic security. However, Trump’s denial of these scaled-back tariff plans on social media triggered a recovery in the greenback.
The dollar index was at $108.25, slightly down from its two-year high of $109.25 recorded on Jan. 2.
A stronger dollar makes greenback-priced commodities more expensive for holders of other currencies.
“Currently, our focus is on the strength of the dollar. Nowadays, metals tend to move in unison,” a trader said.
The most-traded February copper contract on the Shanghai Futures Exchange (SHFE) rose 0.7 percent to 74,200 yuan ($10,124.99) a ton by the end of Asian morning trade.
LME aluminum was little changed at $2,490 a ton, nickel slid 0.1 percent to $15,165, zinc fell 0.6 percent to $2,885, tinshed 0.1 percent to $29,255 and lead slipped 0.4 percent to $1,938.5.
SHFE aluminum eased 0.1 percent to 19,645 yuan a ton, zinc retreated 0.6 percent to 24,345 yuan, lead was relatively unchanged at 16,735 yuan, while nickel gained 0.2 percent to 122,770 yuan and tin rose 0.4 percent to 248,030 yuan.
