NEW DELHI: Copper prices in London were slightly lower on Tuesday amid fading enthusiasm over the 90-day tariff truce between the US and China, the top consumer of the metal.
Benchmark copper on the London Metal Exchange (LME) was down 0.3% at $9,496 a metric ton as of 0336 GMT.
The US and China have agreed to reduce tit-for-tat tariffs and implement a 90-day pause on actions, while Washington said it would cut the “de minimis” tariff for low-value shipments from China to 30%.
“Analysts project near-term price support at $9,150/ton, with potential spikes to $10,000/ton if inventory levels breach the 100,000-ton threshold, though risks persist from US-China tariff implementations and smelter profitability crises amid negative treatment charges,” consultancy BigMint said.
Chinese buyers are scrambling to import copper scrap from the US following the pause on reciprocal tariffs, ANZ Research said.
“Traders are also wary of trade dislocations amid the US-China trade war,” they said.
Separately, the Shanghai Futures Exchange (ShFE) is considering opening its domestic nickel futures contract to foreign investors this year, instead of launching a separate contract on its International Energy Exchange (INE), Reuters has reported.
London metals edge lower on caution over US-China tariff truce
Among other London metals, aluminium fell 0.4% to $2,439.5 a ton, zinc was down 0.06% to $2,675, lead gained 0.6% to $1,972.5 and nickel shed 0.4% to $15,495.
Tin added 0.2% to $32,950. The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 0.2% to 77,890 yuan ($10,784.65) per ton.
SHFE aluminium was down 0.4% to 20,085 yuan a ton, zinc dropped 0.09% to 22,445 yuan, lead dipped 0.5% to 16,815 yuan, nickel fell 0.4% to 123,400 yuan, and tin gained 0.5% to 265,320 yuan.
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