NEW DELHI: Copper prices in London edged up on Thursday, with markets tracking inflows of the industrial metal to the US as demand rose ahead of potential tariffs, but a stronger dollar checked gains.
The benchmark three-month copper on the London Metals Exchange (LME) added 0.5% to $9,973.5 a metric ton as of 0352 GMT.
In the last session, prices hit $10,164.5 a metric ton, the highest since June 7.
Traders have been bidding up copper prices after US President Donald Trump ordered a probe into potential tariffs on copper imports to rebuild US production of the metal.
“Trump’s announcement has led to frontloading and (the) market is trying to price in tariffs; there have been (a) lot of inflows in the US market,” said ANZ Commodity Strategist Soni Kumari.
“Once there is clarity around tariffs, this will subside as demand from (the) US will soften and that will weigh on prices.”
On Wednesday, Trump unveiled a 25% tariff on imported cars and light trucks starting next week, widening the global trade war.
The dollar index, which measures the greenback against six rivals, hovered near the three-week high touched in the previous session.
A stronger dollar makes greenback-priced commodities more expensive for buyers using other currencies.
Comex copper at record high as US import tariff fears mount
Among other metals, LME aluminium added 0.4% to $2,616.5 a ton, lead fell 0.5% to $2,081.5, zinc dipped 0.2% to $2,949.5, tin declined 0.4% to $34,920 and nickel eased 0.2% to $16,220 a ton.
SHFE copper slid 0.8% to 81,740 yuan ($11,256.16) a ton, SHFE aluminium gained 0.7% to 20,840 yuan a ton, zinc dropped 0.3% to 24,100 yuan, lead advanced 0.1% to 17,600 yuan, nickel was up 0.04% to 130,140 yuan and tin rose 0.3% to 279,450 yuan.
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