SHANGHAI: Copper prices in London fell to a two-week low on Monday on heightened concerns about a global trade war, as US President Donald Trump’s reciprocal tariffs loomed.
The benchmark three-month copper on the London Metals Exchange (LME) lost 0.4% to $9,760 per metric ton as of 0330 GMT.
Trump announced on Sunday that the reciprocal tariffs he plans to introduce this week will apply to all nations.
“High uncertainties surrounding Trump’s tariffs have worried investors. If Trump imposes tariffs on copper earlier, some arbitrage traders may face losses if their shipments can’t reach the US before the tariffs are enforced,” a base metals trader said.
Copper rallies to one-month peak on signs of improving demand
Meanwhile, tin prices on the Shanghai Futures Exchange bucked the downward trend, rising 0.7% to 283,100 yuan ($39,035.35), due to fears of supply disruptions from an earthquake in tin-rich Myanmar last Friday.
Among other metals, LME aluminium fell 0.1% to $2,544 a ton, lead eased 0.1% to $2,025, zinc shed 0.6% to $2,841, tin lost 1.4% to $35,710 and nickel was down 1.6% to $16,120 a ton.
SHFE copper slid 1.0% to 79,990 yuan a ton, SHFE aluminium fell 0.4% to 20,525 yuan a ton, zinc dropped 2.0% to 23,375 yuan, lead lost 0.5% to 17,405 yuan, nickel lost 1.5% to 128,940 yuan.
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