SHANGHAI- Base metal prices in China fell on Wednesday, with copper hitting an eight-month low, as the looming 104 percent US import tariff on Chinese goods heightened concerns about slowing growth.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) dropped 2.0 percent to 71,950 yuan ($9,789) per metric ton, hovering near its lowest level since August 12, 2024.
The benchmark three-month copper on the London Metal Exchange (LME) was down 1 percent to $8,570 per metric ton.
Top metals consumer China hit back last Friday with additional 34 percent tariffs on all US goods from April 10, after Trump imposed a 34 percent tariff on most Chinese goods as part of his sweeping reciprocal tariff program.
“Due to Trump’s unpredictable tariffs, copper prices might decrease further, yet the current price below 75,000 yuan still encourages some fabricators to procure,” a base metals trader said.
SHFE aluminium slid 2.2 percent to 19,305 yuan a ton, zinc SZNcv1 lost 2.3 percent to 22,030 yuan, lead SPBcv1 fell 1.3 percent to 16,430 yuan, while nickel SNIcv1 was down 0.1 percent to 119,090 yuan, tin fell 5.0 percent to 255,700 yuan.
Among other metals, LME aluminium lost 1.0 percent to $2,328 a ton, zinc lost 0.3 percent to $2,555, lead CMPB3 lost 0.7 percent to $1,857, tin was down 2 percent at $31,950 and nickel CMNI3 was up 0.9 percent at $14,300 a ton.
