SINGAPORE: London copper was largely unchanged on Wednesday, with uncertainty over US tariffs on the metal limiting the upside in prices.
Three-month copper on the London Metal Exchange fell $2.5 per metric ton to $9,631.5 by 0701 GMT.
The most-traded copper contract on the Shanghai Futures Exchange gained 0.5% to 78,200 yuan ($10,879.85) a ton.
Starting Wednesday, the US has doubled tariffs on steel and aluminium imports to 50% for all trading partners except Britain, the only country whose steel and aluminium exports will be taxed at 25% until at least July 9.
“Copper found some support amid fears that the metal may also be subject to US tariffs. The Trump administration is currently reviewing the impact of US copper imports on the local industry,” ANZ said.
The dollar was little changed as investors looked ahead to US employment data for immediate trading cues and the possible developments on the tariff negotiations.
Copper rallies to one-month peak on signs of improving demand
The continued outflow of copper from LME-registered warehouses led to a drop in inventory to 143,850 tons, the lowest in almost a year, following the delivery of 4,600 tons.
Among other LME metals, tin gained 1.1% to $31,720, aluminium gained 0.8% to $2,483.5 a ton, zinc gained 0.5% to $2,721, nickel up 0.5% to 15,515, and lead inched up 0.2% to $1,989.
SHFE tin jumped 3.1% to 257,940 yuan, aluminium gained 0.7% to 20,075 yuan a ton, lead added 0.6% to 16,670 yuan, zinc rose 0.8% to 22,420 yuan, and nickel was up 0.9% to 122,590 yuan.
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