Copper prices in London, China hover near 3-week lows on looming 50% US tariff
Copper prices on the London Metal Exchange and Shanghai Futures Exchange were under pressure on Thursday, hovering near a three-week low, amid U.S. President Donald Trump's plans to start imposing a 50% copper import tariff on August 1.
Trump announced on Wednesday a 50% tariff on copper, saying on social media that the 50% tariff on copper would be effective August 1 and that the decision was made after a national security assessment.
Three-month copper on the LME 
HG1! inched up 0.19% to $9,649 per metric ton by 0111 GMT, and the most-traded copper contract on the SHFE HG1! fell 0.75% to 78,320 yuan ($10,913.55). Both were trading close to their lowest levels since late June.
In contrast, the most active COMEX copper futures contract (HGc3) hovered at its record high, and its premium against the LME copper (LMECMXCUc3) jumped to 26% on Wednesday.
"Traders have apparently been very alert and sensitive, only limited cargoes could still reach the U.S. before August 1, so most of them have stopped betting on the premium and higher LME and SHFE prices," a Shanghai-based metals analyst from a futures company commented.
COMEX inventories (HG-STX-COMEX) are at their seven-year high, and in the coming days, copper supplies may be flown to countries outside U.S., easing regional supply tightness, and the pace will impact SHFE and LME copper prices, the analyst said.
LME aluminium 
ALI1! gained 0.27% to $2,603.5 a ton, nickel 
NICKEL1! was up 0.24% to $15,015, tin 
FTIN1! inched up 0.2% at $33,350, zinc 
ZNC1! rose 0.2% to $2,748, and lead 
LEAD1! advanced 0.12% to $2,058.5.
SHFE aluminium ALI1! gained 0.93% to 20,705 yuan a ton, zinc ZNC1! was up 0.84% at 22,265 yuan, tin FTIN1! rose 0.5% to 264,890 yuan, lead LEAD1! gained 0.26% to 17,245 yuan, and nickel NICKEL1! was up 0.12% to 119,600 yuan.
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DATA/EVENTS (GMT)
0600 Germany HICP Final YY June
0900 Germany, France, UK Overall Comprehensive Risk Q3
1230 US Initial Jobless Clm 5 July, w/e
1430 US EIA-Nat Gas Chg Bcf 4 July, w/e
1430 US Nat Gas-EIA Implied Flow 4 July, w/e
($1 = 7.1764 Chinese yuan)
