SHANGHAI: Copper prices on the London Metals Exchange (LME) held firm near a five-month high on Wednesday, with markets watching out for potential US tariffs on copper.
Benchmark three-month copper on the LME was up 0.2% to $9,923 a metric ton as of 0723 GMT. Prices hit a 5-month intraday high of $9,937 on Wednesday.
Earlier, US President Donald Trump had ordered a probe into possible new tariffs on copper, inflating the premium of Comex copper over the LME contract, which was at a record high of $1,192 a ton on Tuesday. “Trump’s potential tariff on copper is what we are watching closely now and the premium of Comex copper over LME copper continues to broaden, with the market speculating about a potential 25% tariff on copper by Trump,” a trader said.
Meanwhile, the head of Russian metals and mining giant Nornickel, Vladimir Potanin, said on Tuesday that he expects updates on a Chinese copper-producing joint venture in the coming months. Nornickel is in talks for a joint venture in China, with potential investments in early financial plans for 2025-2026.
LME aluminium rose 0.1% to $2,657 a ton, lead was unchanged at $2,095, zinc lost 0.2% to $2,958.5 and tin remained flat at $35,420. Nickel gained 1.1% to $16,425.
SHFE copper climbed 0.7% to 80,890 yuan a ton, SHFE aluminium dropped 0.6% to 20,705 yuan a ton, zinc slid 0.2% to 23,895 yuan, lead gained 0.6% to 17,690 yuan and nickel gained 0.7% to 131,660 yuan. Tin gained 0.4% to 281,780 yuan.
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