SHANGHAI: Base metals in London traded mixed on Friday and were headed for a weekly rise after US President Donald Trump decided to temporarily lower the hefty duties for dozens of countries and the dollar weakened.
The benchmark three-month copper on the London Metal Exchange (LME) lost 0.1% to $8,976 per metric ton as of 0352 GMT. It has gained 2.3% so far this week.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 0.9% to 74,590 yuan ($10,197.97) per metric ton.
It has lost 5.8% from Thursday’s close of 79,190 yuan per ton.
SHFE was closed on April 4 for a holiday.
The dollar slumped as waning confidence in the US economy prompted investors to ditch US assets to the benefit of safe havens.
A softer dollar makes greenback-priced commodities cheaper for buyers using other currencies.
Trump on Wednesday announced a 90-day pause on tariffs for most countries in a stunning U-turn after a days-long market rout that erased trillions of dollars from global stocks.
However, the US president ratcheted up duties on Chinese imports to an effective 145% rate on Thursday, further escalating a high-stakes confrontation between the world’s two largest economies.
“Market uncertainty persists, largely driven by the unpredictable nature of trade policies and tariffs. As a result, investors remain cautious, with ongoing concerns about the potential for a recession due to the ongoing trade tensions,” a base metals trader said.
SHFE aluminium was flat at 19,620 yuan a ton, zinc added 1.1% to 22,630 yuan, lead gained 0.8% to 16,770 yuan, nickel was up 1.5% at 120,810 yuan, tin advanced 2.7% to 255,240 yuan.
LME aluminium lost 0.2% to $2,366 a ton, lead rose 0.2% to $1,895.5, tin was up 0.8% at $30,905, zinc CMZN3 fell 0.1% to $2,638 and nickel shed 0.3% to $14,750 a ton.