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Business Recorder
9 hours ago
- Business
- Business Recorder
Copper prices rangebound amid US trade talks, 50% metal tariff
SINGAPORE: Copper prices on the London Metal Exchange and the Shanghai Futures Exchange were rangebound on Monday as investors assessed the impact of trade talks between the U.S. and its major partners and a 50% import tariff on the metal. Three-month copper on the LME inched up 0.07% to $9,667.5 per metric ton by 0104 GMT, while the most-traded copper contract on the SHFE fell 0.37% to 78,240 yuan ($10,915.03). U.S. President Donald Trump said on Saturday he would impose a 30% tariff on most imports from the EU and Mexico from August 1, adding to similar warnings for other countries and leaving them less than three weeks to hammer out framework deals that could lower the threatened tariff rate. This follows a 50% tariff imposed on copper imports, which will also be effective on August 1. 'It's uncertain where copper demand will go with all these tariffs. The U.S. has imported quite a lot of copper before the tariff announcement, so we're wondering whether China, as the largest consumer and producer, will stock up some too, as it is crucial to the military and economy,' a Shanghai-based metals analyst at a futures company said. US copper bounces after Trump sets a tariff date, but below peak Copper inventories in SHFE-monitered warehouses remained low, down 4% on-week at 81,462 tons as of July 11. Meanwhile, China will release trade data for June and for January-June on Monday, which will probably be positive news with the frontloading amid tariff uncertainties, a Beijing-based metals analyst at a futures company said. LME nickel shed 0.55% to $15,115 a ton, aluminium fell 0.54% to $2,589, and tin eased 0.29% to $33,550. SHFE aluminium fell 1.16% to 20,475 yuan a ton, zinc slipped 0.89% to 22,220 yuan, nickel dropped 0.78% to 120,240 yuan, lead eased 0.44% to 17,030 yuan, and tin was down 0.43% at 264,500 yuan.
New Straits Times
12 hours ago
- Business
- New Straits Times
Copper prices rangebound amid US trade talks, 50pct metal tariff
SINGAPORE: Copper prices on the London Metal Exchange and the Shanghai Futures Exchange were rangebound on Monday as investors assessed the impact of trade talks between the US and its major partners and a 50 per cent import tariff on the metal. Three-month copper on the LME inched up 0.07 per cent to US9,667.5 per metric ton by 0104 GMT, while the most-traded copper contract on the SHFE fell 0.37 per cent to 78,240 yuan (US10,915.03). US President Donald Trump said on Saturday he would impose a 30 per cent tariff on most imports from the EU and Mexico from August 1, adding to similar warnings for other countries and leaving them less than three weeks to hammer out framework deals that could lower the threatened tariff rate. This follows a 50 per cent tariff imposed on copper imports, which will also be effective on August 1. "It's uncertain where copper demand will go with all these tariffs. The US has imported quite a lot of copper before the tariff announcement, so we're wondering whether China, as the largest consumer and producer, will stock up some too, as it is crucial to the military and economy," a Shanghai-based metals analyst at a futures company said. Copper inventories in SHFE-monitered warehouses remained low, down 4 per cent on-week at 81,462 tons as of July 11. Meanwhile, China will release trade data for June and for January-June on Monday, which will probably be positive news with the frontloading amid tariff uncertainties, a Beijing-based metals analyst at a futures company said. LME nickel shed 0.55 per cent to US15,115 a ton, aluminium fell 0.54 per cent to US2,589, and tin eased 0.29 per cent to US33,550. SHFE aluminium fell 1.16 per cent to 20,475 yuan a ton, zinc slipped 0.89 per cent to 22,220 yuan, nickel dropped 0.78 per cent to 120,240 yuan, lead eased 0.44 per cent to 17,030 yuan, and tin was down 0.43 per cent at 264,500 yuan.
Business Recorder
3 days ago
- Business
- Business Recorder
Copper prices rangebound as markets digest US tariff news, await clarity
SINGAPORE: Copper prices on the London Metal Exchange and the Shanghai Futures Exchange were rangebound on Friday, easing from an initial shock of the US announcement of a 50% import tariff effective August 1, as the market awaited further details. Three-month copper on the LME was down 0.18% at $9,683.5 per metric ton, as of 0101 GMT. The contract has lost 1.73% so far this week, and was poised for a second weekly decline. The most-traded copper contract on the Shanghai Futures Exchange edged 0.18% higher to 78,530 yuan ($10,943.12), but was on track to end the week down 1.97%. US President Donald Trump announced on Wednesday a 50% copper tariff to start on August 1 to boost domestic development of a key industry for defense, electronics, and automobiles. 'Uncertainties and unknown have remained, such as what copper products to be included, whether the 50% will be final or it could be adjusted, or whether there will be an extension of the implementation date,' a Beijing-based metals analyst from a futures company said, requesting anonymity. In the previous session, the COMEX premium over the LME was at $2,615 a ton, or 27%, down from a peak touched on Tuesday, as traders shipped roughly about a year's worth of copper imports to the United States so far this year. With so much copper already shipped to the US, a full 50% increase in the COMEX-LME premium may not be realistic, but a 40% rise is likely if the tariff is implemented as announced, the analyst said. LME lead fell 0.54% to $2,033 a ton on Friday and nickel dipped 0.2% to $15,260. SHFE nickel gained 1.03% to 121,140 yuan a ton, zinc was up 0.58% at 22,415 yuan, aluminium rose 0.27% at 20,725 yuan, tin adavnced 0.16% to 265,430 yuan, while lead eased 0.73% to 17,090 yuan.
Mint
4 days ago
- Business
- Mint
Copper traders look to Chinese buyers in post Trump-tariff world
Overseas offers to Chinese buyers pick up, traders say Traders seek home for cargoes at risk of missing August 1 US tariff deadline Yangshan premium eases amid rising offers By Amy Lv and Lewis Jackson BEIJING, - Global copper traders are offering cargoes to Chinese buyers as they look to offload metal no longer able to reach the U.S. before President Donald Trump's 50% copper tariff deadline. Trump said late on Wednesday he would impose the new tariff from August 1 to promote domestic production of everything from semiconductors to ammunition. He didn't specify which copper products would be hit or whether exceptions would be considered. China is the world's largest copper consumer, and the number of offers by overseas sellers has been picking up since late June and is now at the highest in months, according to a Chinese copper trader who spoke on condition of anonymity. A second China-based trader said they had received an offer for a 1,500 metric ton cargo from South America for delivery in late July or early August from a buyer "eager to find a home." The step up in offers to China reflects how traders, who have spent months shipping copper to the United States in anticipation of the tariff, must now begin to find alternative destinations for cargoes unable to cross the U.S. border before the tariff comes into effect. Only copper from Latin America that is being loaded or already en route is likely to make the deadline, and even then it is likely to be close, according to logistics sources. "If Chilean material is being freed up to make its way to Europe because less is going to the U.S., that means it's being freed up for everyone and you might see some of that in Asia and elsewhere," Albert Mackenzie, a copper analyst at Benchmark Mineral Intelligence, said. The Yangshan Copper Premium , a benchmark for what Chinese buyers will pay above LME for copper still outside the country, fell 5% to $62 on Thursday, reflecting the offers now on the table, according to a Singapore-based copper trader. Major international trading houses are offering thousands of tons of cargo originally destined for the U.S. for delivery in late July and August to Chinese buyers, they added. The most-traded copper contract on the Shanghai Futures Exchange fell for the fifth day on Thursday, down 0.4% to 78,600 yuan per ton after touching its lowest since June 23. This article was generated from an automated news agency feed without modifications to text.
Time of India
5 days ago
- Business
- Time of India
Copper tumbles globally after Trump's 50% tariff call
Synopsis Copper prices dipped on the London Metal Exchange and Shanghai Futures Exchange following U.S. President Trump's announcement of a 50% tariff on copper. This move effectively ends the arbitrage trade that had been drawing copper into the U.S., causing Comex inventories to surge.
