METALS-Tariff uncertainty weighs on base metals; copper down from over 1-month high

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SHANGHAI, Jan 22 (Reuters) - Most base metals fell on Wednesday, with copper pulling back from a more than one-month peak hit in the previous session, as uncertainty persisted over U.S. President Donald Trump's plans for tariffs.

Trump said late on Tuesday that his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada would face levies of around 25%. He also vowed duties on European imports without providing further details.

"Investors are grappling with the unpredictability of President Trump's tariff policies. The looming threat of a retaliatory trade war could significantly undermine market sentiment," a trader said.

Three-month copper CMCU3 on the London Metal Exchange (LME) slid 0.7% to $9,223 a metric ton by 0733 GMT, retreating from Tuesday's more than one-month high.

The most-active copper contract on the SHFE SCFcv1 was down 0.2% to 75,520 yuan ($10,371.49) a ton by the end of Asia afternoon trade session.

The dollar drifted slightly lower in indecisive trading. The greenback index was last at 108.07, down 0.1% from Tuesday, and slightly below the 26-month high of 110.17 touched last week.

A weaker dollar makes greenback-priced commodities cheaper for holders of other currencies.

LME aluminium CMAL3 eased 0.6% to $2,630, tin CMSN3 slid 0.4% to $30,125, nickel CMNI3 fell 1.3% to $15,865, lead CMPB3 shed 0.5% to $1,962 and zinc CMZN3 was down 0.5% to $2,900.

SHFE aluminium SAFcv1 fell 0.2% to 20,315 yuan a ton, nickel SNIcv1 fell 1.2% to 126,500 yuan, zinc SZNcv1 slid 0.6% to 24,115 yuan, lead SPBcv1 was unchanged at 16,780 yuan and tin SSNcv1 lost 1.1% to 248,850 yuan.

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($1 = 7.2815 Chinese yuan)

(Reporting by Violet Li and Mei Mei Chu; Editing by Subhranshu Sahu)

((Violet.Li@thomsonreuters.com;))

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