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Business Recorder
2 days ago
- Business
- Business Recorder
Copper prices ease on caution amid tariff talks
Copper prices slipped on both the London and Shanghai exchanges on Tuesday, as traders weighed U.S.-China negotiations and the talks between the world's top copper producer Chile and the U.S. over the latter's 50% copper tariffs from August 1. The three-month copper contract on the London Metal Exchange was down 0.35% at $9,758.5 per metric ton by 0704 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged down 0.18% to 78,840 yuan ($10,985.09) a 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,' a Shanghai-based analyst at a futures company said. Top U.S. and Chinese economic officials are in Stockholm since Monday to resolve trade disputes between the world's top two economies, and to extend a truce by three months. Copper under pressure as demand falters ahead of crucial week Elsewhere, Chile, the largest provider of refined copper to the U.S., expects U.S. copper tariffs to be discussed within broader trade talks in Washington this week, Finance Minister Mario Marcel said on Monday. Among other LME metals, aluminium slid 0.65% to $2,614.5 a ton, nickel fell 0.45% to $15,200, zinc lost 0.34% to $2,808, lead eased 0.12% to $2,014.5 and tin decreased 0.31% to $33,610. SHFE nickel fell 0.85% to 121,800 yuan a ton, aluminium dipped 0.22% to 20,605 yuan, zinc was down 0.35% at 22,655 yuan, tin lost 0.76% to 266,660 yuan, and lead eased 0.24% to 16,900 yuan.
Reuters
2 days ago
- Business
- Reuters
Chile will ask U.S. to include copper within U.S.-Chile trade deal
SANTIAGO, July 28 (Reuters) - Chile expects U.S. copper tariffs to be discussed within broader U.S. trade talks in Washington this week, Finance Minister Mario Marcel said on Monday in an interview with local radio program Duna. Marcel added that Chile would ask for any tariffs to be included within a broader trade agreement with the United States. President Trump's administration has said it will impose 50% tariffs on copper imports as of August 1. Chile is the world's top supplier of the red metal and is also the biggest provider of refined copper to the U.S., although it sends much higher volumes to China. Monday marks the start of a third round of talks between Chilean officials and the office of the U.S. Trade Representative. "What we hope is that these conversations we're starting today in Washington will also cover the issue of copper," Marcel said. "Because it wouldn't be very useful for us to have a trade agreement that excludes more than half of our exports to the U.S., such as copper and wood." When asked if Chile would seek an exemption to the U.S. copper tariffs imposed by Trump, the minister said they would seek for any tariffs to be included in a broader trade pact. "We want it to be part of the agreement, within the broader commercial discussions with Chile — not something handled separately — because it's a very central issue," the minister said. Marcel noted that other countries have included exemptions and carve-outs in their trade agreements.
Yahoo
2 days ago
- Business
- Yahoo
Chile will ask U.S. to include copper within broader U.S.-Chile trade talks
SANTIAGO (Reuters) -Chile expects copper tariffs to be discussed within broader U.S. trade talks in Washington this week, Finance Minister Mario Marcel said on Monday in an interview with local radio program Duna. He added that Chile would ask for any tariffs to be included within a broader trade agreement with the United States. President Trump's administration has said it will impose 50% tariffs on copper imports as of August 1.
Reuters
2 days ago
- Business
- Reuters
Chile will ask U.S. to include copper within broader U.S.-Chile trade talks
SANTIAGO, July 28 (Reuters) - Chile expects copper tariffs to be discussed within broader U.S. trade talks in Washington this week, Finance Minister Mario Marcel said on Monday in an interview with local radio program Duna. He added that Chile would ask for any tariffs to be included within a broader trade agreement with the United States. President Trump's administration has said it will impose 50% tariffs on copper imports as of August 1.
Yahoo
2 days ago
- Business
- Yahoo
Freeport-McMoran stock falls amid Chile's copper tariff negotiations
-- Freeport-McMoran (NYSE: FCX) stock fell as much as 5% Monday before paring the decline to 3% as Chile's Finance Minister expressed optimism about securing an exception to potential U.S. copper tariffs. Chilean Finance Minister Mario Marcel indicated during a Radio Duna interview that he expects copper to be excluded from U.S. tariff plans during ongoing negotiations in Washington. Marcel noted that similar exceptions have been made for raw materials in other trade agreements, citing precedents with the United Kingdom regarding steel and Indonesia concerning copper. "We expect these conversations starting today in Washington to also cover the copper issue, because it wouldn't be very useful to have a trade agreement that excludes more than half of our exports to the U.S., such as copper and wood," Marcel stated. The potential 50% tariff on copper imports to the United States has created uncertainty for major producers like Freeport-McMoran, which operates significant copper mining assets globally. The Chilean government's stance appears focused on diplomatic solutions rather than retaliatory measures. Marcel explicitly ruled out implementing counter-tariffs on U.S. imports, explaining that "a tariff is a tax on imports that local consumers have to pay... We are not going to punish our taxpayers by applying a tariff on imports from the U.S." The outcome of these negotiations remains crucial for Freeport-McMoran and the broader copper market, as Chile represents one of the world's largest copper producers. Any resolution regarding the proposed tariffs could significantly impact global copper trade flows and pricing. Related articles Freeport-McMoran stock falls amid Chile's copper tariff negotiations Surge of 50% since our AI selection, this chip giant still has great potential Apollo economist warns: AI bubble now bigger than 1990s tech mania 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
