Copper prices slipped on both the London and Shanghai exchanges on Tuesday, as traders weighed U.S.-China negotiations and the talks between the world’s top copper producer Chile and the U.S. over the latter’s 50% copper tariffs from August 1.
The three-month copper contract on the London Metal Exchange was down 0.35% at $9,758.5 per metric ton by 0704 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged down 0.18% to 78,840 yuan ($10,985.09) a ton.
“The softening in copper prices reflects similar declines in other Chinese futures and is likely to be short-lived, as traders are cautious and closely watching U.S.-China trade talks and developments in U.S. copper import tariffs,” a Shanghai-based analyst at a futures company said.
Top U.S. and Chinese economic officials are in Stockholm since Monday to resolve trade disputes between the world’s top two economies, and to extend a truce by three months.
Copper under pressure as demand falters ahead of crucial week
Elsewhere, Chile, the largest provider of refined copper to the U.S., expects U.S. copper tariffs to be discussed within broader trade talks in Washington this week, Finance Minister Mario Marcel said on Monday.
Among other LME metals, aluminium slid 0.65% to $2,614.5 a ton, nickel fell 0.45% to $15,200, zinc lost 0.34% to $2,808, lead eased 0.12% to $2,014.5 and tin decreased 0.31% to $33,610.
SHFE nickel fell 0.85% to 121,800 yuan a ton, aluminium dipped 0.22% to 20,605 yuan, zinc was down 0.35% at 22,655 yuan, tin lost 0.76% to 266,660 yuan, and lead eased 0.24% to 16,900 yuan.
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