Latest news with #LME
The Sun
3 hours ago
- Business
- The Sun
Copper prices dip amid US-China tariff negotiations
LONDON: Copper prices declined slightly on Tuesday as market participants remained cautious amid ongoing trade negotiations between the US and China, along with discussions on US-imposed copper tariffs. Three-month copper on the London Metal Exchange dropped 0.17% to $9,776.5 per metric ton, while Shanghai Futures Exchange copper contracts dipped 0.08% to 78,920 yuan ($10,994.25) per ton. 'The softening in copper prices reflects similar declines in other Chinese futures and is likely to be short-lived, as traders are cautious and closely watching U.S.-China trade talks and developments in U.S. copper import tariffs,' said a Shanghai-based futures analyst. US and Chinese officials held extended talks in Stockholm on Monday, aiming to resolve trade disputes and extend a temporary truce. Meanwhile, Chile, the world's largest copper producer, expects discussions on US tariffs to take place during broader trade negotiations in Washington this week. Other metals on the LME showed mixed movements, with aluminium, nickel, and zinc slipping, while lead and tin saw minor gains. On the SHFE, nickel and tin declined, while lead inched up slightly. - Reuters
Business Recorder
5 hours ago
- Business
- Business Recorder
Copper holds firm, focus on US-China trade talks
LONDON: Copper prices held firm on Monday ahead of the resumption of talks between top US and Chinese officials on trade and key economic data from the world's two largest economies later this week. Benchmark copper on the London Metal Exchange (LME) traded 0.6% higher $9,830 a metric ton in official rings. Prices of the metal widely used in the power and construction industries have come under pressure this year due to worries about damage to demand in top consumer China from the trade war between the two countries. China faces an August 12 deadline to reach a tariff agreement with US President Donald Trump's administration, after reaching preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs. However, traders said industrial metals markets this week were more likely to be led by macro-economic factors such as a meeting of Federal Reserve policy makers and data from industrial sectors in the United States and China. 'Manufacturing PMIs are important. China not only consumes, it also exports large amounts of goods,' a copper trader said, referring to purchasing managers data, and adding that Chinese shipments were an important indicator of the health of the global economy. Focus is also on US plans to impose 50% tariffs from Friday on copper imports, which last week drove Comex prices to all-time highs of $5.9585 cents per lb or $13,136 a ton. Record high Comex prices have attracted copper to the United States, much of it from LME-registered warehouses around the world, creating worries about availability of the metal in the LME system. But with the tariffs imminent, that fear is passing and can be seen in the large discount for the LME's cash copper contract against the three-month forward at around $51 a ton compared with a premium above $300 a ton only a month ago. Overall, the higher US currency making dollar-priced metals more expensive for holders of other currencies was weighing on prices. Aluminium slipped 0.1% to $2,631.5 a ton, zinc ceded 0.2% to $2,817.5, lead gained 0.6% $2,029, tin was down 0.6% at $33,975 and nickel retreated 0.2% to $15,230.
Business Recorder
17 hours ago
- Business
- Business Recorder
Copper holds firm, focus on U.S.-China trade talks
LONDON: Copper prices held firm on Monday ahead of the resumption of talks between top U.S. and Chinese officials on trade and key economic data from the world's two largest economies later this week. Benchmark copper on the London Metal Exchange (LME) traded 0.6% higher $9,830 a metric ton in official rings. Prices of the metal widely used in the power and construction industries have come under pressure this year due to worries about damage to demand in top consumer China from the trade war between the two countries. China faces an August 12 deadline to reach a tariff agreement with U.S. President Donald Trump's administration, after reaching preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs. However, traders said industrial metals markets this week were more likely to be led by macro-economic factors such as a meeting of Federal Reserve policy makers and data from industrial sectors in the United States and China. 'Manufacturing PMIs are important. China not only consumes, it also exports large amounts of goods,' a copper trader said, referring to purchasing managers data, and adding that Chinese shipments were an important indicator of the health of the global economy. Copper under pressure as demand falters ahead of crucial week Focus is also on U.S. plans to impose 50% tariffs from Friday on copper imports, which last week drove Comex prices to all-time highs of $5.9585 cents per lb or $13,136 a ton. Record high Comex prices have attracted copper to the United States, much of it from LME-registered warehouses around the world, creating worries about availability of the metal in the LME system. But with the tariffs imminent, that fear is passing and can be seen in the large discount for the LME's cash copper contract against the three-month forward at around $51 a ton compared with a premium above $300 a ton only a month ago. Overall, the higher U.S. currency making dollar-priced metals more expensive for holders of other currencies was weighing on prices. Aluminium slipped 0.1% to $2,631.5 a ton, zinc ceded 0.2% to $2,817.5, lead gained 0.6% $2,029, tin was down 0.6% at $33,975 and nickel retreated 0.2% to $15,230.
Yahoo
19 hours ago
- Business
- Yahoo
Copper Rises to Start Pivotal Week Ahead of US Tariffs Deadline
(Bloomberg) -- Copper rose along with equities after the European Union's deal with the US averted a damaging rift between the two major economies, while traders watch for final details on imminent US tariffs on the industrial metal. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Budapest's Most Historic Site Gets a Controversial Rebuild Trump Administration Sues NYC Over Sanctuary City Policy Benchmark prices edged higher on the London Metal Exchange, following a tariff agreement that will see the EU face 15% levies on most exports. The deal comes ahead of a US-China meeting in Stockholm that's expected to extend a trade truce for 90 more days. But for copper, the most anticipated development will be the launch of a touted 50% tariff on the metal, with details still unclear ahead of their planned start date on Friday. President Donald Trump's administration hasn't so far confirmed important aspects of the duties, including which products will be covered, whether supplies from all nations will be hit equally, or how metal already on its way to US shores will be treated. Global traders have shipped massive amounts of copper to America to get ahead of tariffs, and Trump's announcement of an Aug. 1 deadline earlier this month triggered a last-minute scramble. Prices in the US are now much higher than those on the LME, but they don't fully reflect a 50% universal tariff rate on all exchange-traded copper. The premium now stands at about 30%. Further important developments lie ahead this week. The Federal Reserve is expect to keep rates unchanged at the conclusion of its policy meeting on Wednesday, but its commentary will be scrutinized for clues on what comes next. There's also a deluge of US data, from the latest on economic growth to jobs. Copper rose 0.6% to $9,824.50 a ton on the LME as of 11:51 a.m. in London. Aluminum was steady while zinc and nickel both edged 0.6% lower. The Bloomberg Dollar Spot Index rose 0.4%. (A previous version of this story corrected the planned date for start of US tariffs.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Scottish Wind Farms Show How to Counter Nimby Opposition ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
4 days ago
- Business
- Business Recorder
Copper under pressure as demand falters ahead of crucial week
LONDON: Copper prices fell on Friday as physical buyers paused ahead of a week that could prove pivotal if it brings more clarity about the U.S. copper import tariff and the U.S. trade agreements with other countries. Three-month copper on the London Metal Exchange fell 0.4% to $9,829.50 a ton by 1013 GMT. On the technical front, the metal is facing support from the 21-day moving average at $9,803. The most active COMEX copper futures, which hit a record high of $5.959 a lb on Thursday, were last down 0.1% at $5.796, trading at a 30% premium over the LME benchmark. The premium remained below the 50% import tariff planned by President Donald Trump as the market is waiting for confirmation of the August 1 deadline and a list of the copper products to which the levy would apply. 'So much uncertainty remains around the tariff - will the announcement be delayed? Will there be exemptions?' said Marex senior base metals strategist Alastair Munro. Chile, Canada and Mexico are the main copper suppliers to the United States. Physical buying, which was very active when the copper price was around $9,600 in mid-July, is being muted by current price levels, although the relatively light available stock in LME-registered warehouses was providing support ahead of September, a period of seasonal demand growth, Munro added. Copper edges up to two-week peak Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 13% this week, the exchange said, to 73,423 metric tons, the lowest since December. The U.S. has already reached trade agreements with Japan, Indonesia and the Philippines. Trump is heading to Scotland on Friday for golf and a meeting with British Prime Minister Keir Starmer, while China-U.S. trade talks are due in Sweden next week. LME aluminium edged up 0.1% to $2,650.50 a ton, zinc eased 0.1% to $2,842, lead climbed 0.6% to $2,035, tin added 0.4% to $34,695 and nickel was steady at $15,475.
