SINGAPORE: Copper prices on the London Metal Exchange and Shanghai Futures Exchange traded in a range on Monday, as investors awaited progress in US trade talks and clarity on potential copper import tariffs.
Three-month copper on the LME eased 0.15% to $9,863 per metric ton as of 0105 GMT, while the most-traded copper contract on the SHFE gained 0.13% to 79,840 yuan ($11,132.03) a ton.
Uncertainty clouded US trade talks after President Donald Trump abruptly ended negotiations with Canada on Friday, denouncing its tax on US tech firms as a “blatant attack” and vowing to impose new tariffs on Canadian goods within the week.
Meanwhile, expectations that the US will impose tariffs on copper imports have pulled metal to that country, leaving shortages elsewhere.
“The ongoing squeeze on the LME also provided some support to prices,” ANZ said.
“Spot copper contracts continue to trade at huge premiums to later-dated futures. Supplies in LME warehouses have been partly drained due to record shipments to the US ahead of upcoming tariffs.”
Copper stocks in LME-registered warehouses fell 1,800 tons to 91,275 tons on Friday, the lowest since August 2023.
Copper slips from three-month peak on Chinese data
Inventories in the SHFE-monitored warehouses fell 19% in the week ended Friday to 81,550 tons, the lowest since May 9.
LME tin fell 0.41% to $33,625 a ton, lead lost 0.34% to $2,037, zinc shed 0.32% to $2,770, nickel dipped 0.23% to $15,210 and aluminium eased 0.19% to $2,590.
SHFE tin fell 0.63% to 268,030 yuan, lead dipped 0.29% to 17,145 yuan and aluminium dropped 0.22% to 20,530 yuan, while nickel gained 0.13% to 79,840 yuan.
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