London copper prices inched up on Thursday amid a weakening US dollar, while the market focus remained on a series of trade talks between the US and its major trading partners.
Three-month copper on the London Metal Exchange gained 0.31% to $9,651 per metric ton, as of 0102 GMT, and the most-traded copper contract on the Shanghai Futures Exchange stayed largely steady at 78,190 yuan ($10,890.43).
The dollar index remained near six-week lows on weak US economic data, making dollar-denominated assets less expensive for holders of other currencies.
On the trade front, US President Donald Trump called his Chinese counterpart Xi Jinping tough and “extremely hard to make a deal with” on Wednesday, exposing frictions after the White House raised expectations of a long-awaited phone call between the two leaders this week.
Canada prepared possible reprisals, while the European Union reported progress in trade talks on Wednesday, as new US metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington.
“Trump’s 50% tariffs on aluminium and steel have raised expectations that he will soon follow through with a pledge to impose stiffer duties on copper as well,” ANZ said.
London copper little changed, US tariff concerns persist
Tin on the LME eased around 0.3% to $31,935 a ton after hitting a one-week high on Wednesday on concerns that the resumption of supply from Myanmar’s tin-rich Wa State would take longer than previously expected.
SHFE tin remained the strongest performer on Thursday, up 1.4% to 258,750 yuan, aluminium gained 0.5% to 20,110 yuan a ton, lead added 0.5% to 16,720 yuan, while nickel was down 0.2% to 121,800 yuan.
Among other London metals, LME aluminium inched up 0.2% to $2,488.5 a ton and nickel edged 0.1% higher to $15,415, while lead eased 0.4% to $1,982.
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