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Business Recorder
15 hours ago
- Business
- Business Recorder
Copper slips to over one-week low on tariff, demand worries
LONDON: Copper prices drifted to the lowest in more than a week on Wednesday as inventories climbed and investors worried about looming U.S. tariffs hitting demand. Three-month copper on the London Metal Exchange was down 0.6% at $9,739 per metric ton by 0945 GMT, having touched its weakest since July 18 at $9,720.50. Investors are staying on the sidelines as they await details about planned U.S. tariffs of 50% on copper and whether they will be imposed on August 1 as announced, analysts said. There was also uncertainty about a trade war between the U.S. and China, the world's biggest metals consumer, after officials of the two biggest economies agreed on Tuesday to seek an extension of their 90-day tariff truce. 'I think investors' engagement has stalled,' said Tom Price, head of commodities strategy at Panmure Liberum. 'Investors abroad are actually pricing in the demand risk of these tariffs because the metal is suddenly much more expensive with no change to demand. A 50% tariff is a staggeringly huge number.' The most-traded copper contract on the Shanghai Futures Exchange dipped 0.1% to 78,930 yuan ($10,999.47) a ton. Copper prices ease on caution amid tariff talks Excess supply in the market was showing up in surging inventories in LME-registered warehouses, which have jumped by 51% over the past month to 136,850 tons, LME data showed. The market was also closely eyeing the U.S. central bank's policy announcement later in the day, when rates are expected to be left unchanged. 'If they don't cut, then I think we will see commodities come under pressure,' Price added. Among other London metals, aluminium added 0.2% to $2,610.50 a ton, while zinc eased 0.5% to $2,790.50, lead fell 0.4% to $2,007, nickel lost 1.2% to $15,130 and tin edged down 0.1% to $33,645.
Business Recorder
21 hours ago
- Business
- Business Recorder
Copper edges up on trade truce hopes; tariff clarity expected on August 1
Copper prices ticked higher on both the London and the Shanghai exchanges on Wednesday, as investors were hopeful for a possible extension of the U.S.-China trade truce even as the market awaited more clarity on the August 1 tariff deadline. Three-month copper on the London Metal Exchange climbed 0.16% to $9,813.5 per metric ton by 0146 GMT, while the most-traded copper contract on the Shanghai Futures Exchange rose 0.18% to 79,120 yuan ($11,029.33) a ton. 'Nothing seems certain yet; the remarks from the (U.S. and China) officials sound hopeful. I am still uncertain what will come afterwards though the two countries said they would push to extend the trade truce,' a Shanghai-based metals analyst at a futures company said. More details may be available on August 1 when U.S. tariffs on its trade partners, including its 50% copper import tariffs, are all said to be effective. Elsewhere, the premium of COMEX over LME copper fell to 26% after top producer Chile said it was seeking exceptions from 50% U.S. tariffs. Grupo Mexico, a leading copper miner, reported a 10% rise in net profit for the second quarter amid lower mining costs and strong performance in its copper byproducts business. It views the looming tariffs as an investment opportunity to expand production run by its U.S. subsidiary, Asarco, in Arizona. Among other London metals, aluminium gained 0.12% to $2,608.5 a ton, zinc added 0.27% to $2,812.5, lead climbed 0.1% to $2,018.5 and tin edged up 0.02% to $33,700, while nickel fell 0.4% to $15,255. SHFE nickel rose 0.09% to 122,010 yuan, tin strengthened 0.17% to 267,810 yuan, and zinc increased 0.2% to 22,705 yuan, while aluminium lost 0.02% to 20,620 yuan a ton, and lead fell 0.3% to 16,895 yuan.
New Straits Times
a day ago
- Business
- New Straits Times
Copper edges up on trade truce hopes; tariff clarity expected on Aug 1
KUALA LUMPUR: Copper prices ticked higher on both the London and the Shanghai exchanges on Wednesday, as investors were hopeful for a possible extension of the US-China trade truce even as the market awaited more clarity on the Aug 1 tariff deadline. Three-month copper on the London Metal Exchange climbed 0.16 per cent to US$9,813.50 per metric ton by 0146 GMT, while the most-traded copper contract on the Shanghai Futures Exchange rose 0.18 per cent to 79,120 yuan (US$11,029.33) a ton. "Nothing seems certain yet; the remarks from the (US and China) officials sound hopeful. I am still uncertain what will come afterwards though the two countries said they would push to extend the trade truce," a Shanghai-based metals analyst at a futures company said. More details may be available on Aug 1 when US tariffs on its trade partners, including its 50 per cent copper import tariffs, are all said to be effective. Elsewhere, the premium of COMEX over LME copper fell to 26 per cent after top producer Chile said it was seeking exceptions from 50 per cent US tariffs. Grupo Mexico, a leading copper miner, reported a 10 per cent rise in net profit for the second quarter amid lower mining costs and strong performance in its copper byproducts business. It views the looming tariffs as an investment opportunity to expand production run by its US subsidiary, Asarco, in Arizona. Among other London metals, aluminium gained 0.12 per cent to US$2,608.50 a ton, zinc added 0.27 per cent to US$2,812.50, lead climbed 0.10 per cent to US$2,018.50 and tin edged up 0.02 per cent to US$33,700, while nickel fell 0.40 per cent to US$15,255. SHFE nickel rose 0.09 per cent to 122,010 yuan, tin strengthened 0.17 per cent to 267,810 yuan, and zinc increased 0.20 per cent to 22,705 yuan, while aluminium lost 0.02 per cent to 20,620 yuan a ton, and lead fell 0.30 per cent to 16,895 yuan.
Business Recorder
2 days ago
- Business
- Business Recorder
Copper prices ease on caution amid tariff talks
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.
The Sun
2 days ago
- Business
- The Sun
Copper prices dip amid US-China tariff negotiations
LONDON: Copper prices declined slightly on Tuesday as market participants remained cautious amid ongoing trade negotiations between the US and China, along with discussions on US-imposed copper tariffs. Three-month copper on the London Metal Exchange dropped 0.17% to $9,776.5 per metric ton, while Shanghai Futures Exchange copper contracts dipped 0.08% to 78,920 yuan ($10,994.25) per 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,' said a Shanghai-based futures analyst. US and Chinese officials held extended talks in Stockholm on Monday, aiming to resolve trade disputes and extend a temporary truce. Meanwhile, Chile, the world's largest copper producer, expects discussions on US tariffs to take place during broader trade negotiations in Washington this week. Other metals on the LME showed mixed movements, with aluminium, nickel, and zinc slipping, while lead and tin saw minor gains. On the SHFE, nickel and tin declined, while lead inched up slightly. - Reuters
