METALS-London copper gains on weak dollar after fresh Trump tariff threat

NEW DELHI, Feb 26 (Reuters) - London copper prices climbed on Wednesday, tracking a weak dollar after U.S. President Donald Trump ordered a probe into potential new tariffs on copper imports, aimed at boosting U.S. production of the metal.

Three-month copper on the London Metal Exchange (LME) CMCU3 gained 0.6% to $9,462 a metric ton as of 0244 GMT.

The U.S. dollar sagged near an 11-week low against its major peers on the day. USD/

A weaker dollar makes greenback-priced commodities cheaper for buyers holding other currencies.

Trump, looking to thwart what his advisers see as a move by China to dominate the global copper market, signed an order at the White House directing Commerce Secretary Howard Lutnick to start a national security probe under Section 232 of the Trade Expansion Act of 1962. The same law was used by Trump in his first term to impose 25% global tariffs on steel and aluminium.

"Market is a bit distorted because of news flow and not reacting to fundamentals," said Soni Kumari, a commodity strategist at ANZ.

Among other metals, LME aluminium CMAL3 was down 0.06% to $2,637, LME zinc CMZN3 added 0.2% at $2,816.5, nickel CMNI3 climbed 0.3% to $15,375, lead CMPB3 gained 0.4% to $2,000, while tin CMSN3 fell 0.6% to $32,565.

SHFE aluminium SAFcv1 was up 0.2% to 20,580 yuan ($2,837.29) a ton, SHFE copper SCFcv1 eased 0.03% to 77,050 yuan, zinc SZNcv1 slid 0.7% to 23,530 yuan, nickel SNIcv1 dipped 0.3% to 124,350 yuan, lead SPBcv1 gained 0.2% to 17,165 yuan and tin SSNcv1 eased 0.4% to 262,330 yuan.

($1 = 7.2534 Chinese yuan)

 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