METALS-Base metals slip as Trump reiterates tariff threats

Jan 31 (Reuters) - Most base metals slipped on Friday and copper prices were on track for their worst week in two-and-a-half months, following repeated tariff threats from U.S. President Donald Trump.

Benchmark copper CMCU3 was down 0.4% at $9,091.5 a metric ton, as of 0259 GMT. Prices have declined 1.6% so far in the week, heading for their worst week since Nov. 11.

Trump said on Thursday the United States would put a 25% tariff on imports from Mexico and Canada, repeating his warning to the two countries.

Trump also said he was still considering new tariffs on Chinese goods, citing its part in the fentanyl trade.

"Base metal prices are open to volatility depending on whether Canada and Mexico can avoid tariffs going into play," said Natalie Scott-Gray, senior metals analyst at StoneX.

If Canadian and Mexican tariffs are avoided, but Chinese tariffs persist, the market will focus on potential global trade reductions or economic shocks causing uncertainty in investment and consumption, she said.

China is the biggest consumer of industrial metals.

The dollar index .DXY inched up 0.3%, making metals priced in the U.S. currency costlier for other currency holders. USD/

Three-month aluminium CMAL3 fell 0.5% to $2,613, retreating after two straight sessions of gains.

The European Union earlier this week proposed banning imports of the metal from Russia in a fresh package of sanctions over its invasion of Ukraine.

LME zinc CMZN3 fell 0.6% to $2,776 a ton, lead CMPB3 shed 0.1% to $1,965.5 and tin CMSN3 eased 0.7% to $30,055, while nickel CMNI3 was up 0.1% at $15,405.

The Shanghai Futures Exchange is closed for the Lunar New Year holiday. Markets will resume trade on Wednesday, Feb. 5.

 For related news and prices, click on the codes in brackets: LME price overview      RING= COMEX copper futures  0#HG: All metals news         MTL   All commodities news      C 
 Foreign exchange rates FX=SPEED GUIDES LME/INDEX