Copper prices ease as traders brace for US tariffs
Three-month copper on the LME was down 0.10 per cent at US$9,867.50 a tonne, as of 0101 GMT on Friday. Still, the contract has climbed 0.92 per cent so far this week and is poised for a second weekly gain.
The most-traded copper contract on SHFE receded 0.69 per cent to 79,290 yuan (US$11,083.16) a tonne, but might end the week on a positive note with a 1.16 per cent climb so far.
"Market is just quietly waiting for Aug 1 when all the trade tariffs and US copper import tariffs are supposed to roll out, and some missing details may be available by then," a Beijing-based metals analyst at a futures company said.
The European Commission said on Thursday a negotiated trade solution with the United States is within reach – while EU members voted to approve counter-tariffs on 93 billion euros (US$109 billion) of US goods in case the talks collapse, and US President Donald Trump would impose 30 per cent tariffs on the EU on August 1.
China's Vice Premier He Lifeng will visit Sweden from July 27–30 for a new round of economic and trade talks with US officials, when the deadline on Aug 12 between the two countries may be extended.
The premium of COMEX over LME copper stabilised at 29 per cent on Thursday, remaining below the 50 per cent import tariff planned by Trump, as the market awaited confirmation of the August 1 deadline and a list of the copper products to which the levy would apply.
LME zinc fell 0.25 per cent to US$2,836.50 a tonne, nickel edged 0.06 per cent lower to US$15,455, while aluminium edged 0.06 per cent higher to US$2,648.50, and tin climbed 0.16 per cent to US$34,680.
SHFE tin fell nearly 1.00 per cent to 271,210 yuan a tonne, nickel dropped 0.71 per cent to 123,160 yuan, zinc ebbed 0.70 per cent to 22,820 yuan, while aluminium edged up 0.05 per cent to 20,745 yuan.
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The Star
2 hours ago
- The Star
EU chief von der Leyen heads to Scotland for trade talks with Trump
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The Star
6 hours ago
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Trump tariffs leave costly China supply question unanswered; Indonesia among countries deeply affected
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6 hours ago
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58th AMM Highlights ASEAN's Balancing Act Amid Superpower Rivalry
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Undoubtedly a feather in the cap for ASEAN, 'these moves undeniably showcased China's ability to play a savvy foreign policy game - one that is markedly different from perceived US aggression and the unpredictability of (Donald) Trump's presidency,' she said. Rowena added that Wang's conduct during the meetings reflected an alignment with ASEAN's aspiration to maintain peace and advance a nuclear-free Southeast Asia. Despite China being an economic superpower and Southeast Asia's dependence on the Chinese economy, Wang's approach also showed deference to ASEAN centrality and Malaysia's role as the regional bloc's Chair this year, she said. From an economic perspective, she said Beijing is capitalising on the region's growth potential, mainly as the US adopts increasingly protectionist policies. She cited the proposed upgrade of the China-ASEAN Free Trade Agreement (CAFTA 3.0) as reflecting Beijing's vision of deeper integration with the region. 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'This year's meetings marked a turning point in US efforts to restore credibility and demonstrate dependable support for ASEAN centrality, especially after years of transactional diplomacy. 'While China's rise has been structured and steady, the US is now working to show it remains committed to ASEAN's future,' he said. Rubio's reaffirmation of support for ASEAN principles – neutrality, regional autonomy, and freedom of navigation – was significant, especially amid tensions in the South China Sea and the Taiwan Strait. 'The emphasis on shared values, rules-based order and connectivity offered by Rubio provides a needed contrast to China's assertiveness,' he added. Still, Collins said ASEAN must balance engagement with both powers without eroding unity or compromising neutrality. MALAYSIA ACTS AS A BRIDGE-BUILDER Collins also said this year's AMM tested ASEAN's strategic maturity as the global order becomes more fragmented. It seemed to have passed with flying colours. He said Washington's clearer messaging and sustained high-level participation reflected an understanding that past diplomatic absences had created a vacuum increasingly filled by China. 'ASEAN is now in the spotlight to prove that it remains a relevant and cohesive force amid competing frameworks like the Quad, a grouping comprising Australia, India, Japan and the US and AUKUS, the trilateral security partnership between Australia, the United Kingdom and the US. 'There is now recognition in Washington that inconsistency has damaged trust in the region,' he said. Looking ahead, Collins said that Malaysia's ASEAN Chairmanship for the remainder of 2025, especially at the upcoming summit and with leaders of dialogue partners, possibly including US President Trump, will be pivotal in steering the bloc through a complex regional environment. He added that Putrajaya, Malaysia's federal administrative capital, has the diplomatic credibility to act as a trusted interlocutor between competing powers. 'Malaysia must step forward as a bridge-builder to ensure ASEAN remains cohesive while promoting inclusive, rules-based cooperation with all major powers. 'Malaysia's leadership will be critical in strengthening ASEAN mechanisms, advancing economic resilience and anchoring strategic convergence based on mutual respect and autonomy,' he said. Wang participated in key sessions during the AMM, including the ASEAN-China and ASEAN Plus Three (APT) meetings. Rubio, on his first official visit to Asia, participated in the ASEAN-US Foreign Ministers' Meeting and held bilateral talks with Wang on the sidelines. The meetings, held from July 8 to 11, were hosted under Malaysia's 2025 ASEAN Chairmanship, with the theme 'Inclusivity and Sustainability'. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
