METALS-US reciprocal tariff plan supports metals; copper hits three-month high

Updates prices

SHANGHAI, Feb 14 (Reuters) - Base metals rose on Friday on expectations that U.S. President Donald Trump's plans for reciprocal global tariffs would not come into effect until April, with copper prices hitting three-month highs.

Three-month copper on the London Metal Exchange CMCU3 rose 1.3% to $9,609 a metric ton by 0813 GMT, hitting its highest since November 8.

The most-active copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.9% to 78,090 yuan ($10,719.97) a ton, the highest since November 6.

The premium for U.S. Comex copper futures HGc2 over the LME contract rocketed to a record high earlier this week.

Treatment charges, the fees miners pay to smelters for converting raw materials into metal, have been declining, indicating a material shortage.

The Fastmarkets copper TC/RC index hit record lows at minus $12.50 per ton and minus 1.25 cents per lb on Wednesday, compared to plus $20 a year ago.

"The metal continues to shrug off the uncertain economic backdrop, driven by U.S. tariffs and China's sluggish property sector," ANZ Research said in a note.

"China's retail sales and industrial production are up, and its manufacturing... back in the expansion zone, bolstered by government growth initiatives."

Trump's plans to impose reciprocal tariffs on countries taxing U.S. imports have stoked concerns of a global trade war.

Trump on Thursday ordered commerce and economics officials to study reciprocal tariffs against countries that place tariffs on U.S. goods and to return their recommendations by April 1.

Three-month aluminium CMAL3 on the LME was up 1.0% at $2,629.5 a ton.

Zinc CMZN3 was up 16% to $2,891, tin CMSN3 was up 0.7% at $32,200, lead CMPB3 added 0.6% to $1,999.5 and nickel CMNI3 edged 0.9% higher to $15,510.

SHFE aluminium SAFcv1 rose 0.7% to 20,710 yuan a ton, SHFE copper SCFcv1 rose 0.9% to 78,090 yuan, nickel SNIcv1 was up 0.3% at 124,690 yuan, zinc SZNcv1 climbed 1.3% to 24,125 yuan, lead SPBcv1 was flat at 17,130 yuan and tin SSNcv1 was up 1.4% at 263,020 yuan.

($1 = 7.2836 Chinese yuan)

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