London copper hits over two-week low as Trump tariffs loom

NEW DELHI, Feb 28 (Reuters) - London copper prices hit a more than two-week low on Friday, as the dollar firmed on U.S. President Donald Trump's imminent tariff plans.

Three-month copper on the London Metal Exchange (LME) CMCU3 fell 0.5% to $9,346.5 a metric ton as of 0704 GMT, and was down 2% on week. Prices briefly fell to $9,342.5 a metric ton, the lowest since February 12.

Against a basket of currencies, the greenback struck a two-week top of 107.42 =USD, extending its 0.8% jump on Thursday, making greenback-priced commodities more expensive for holders of other currencies. USD/

On Thursday, Trump said that his proposed tariffs on Mexico and Canada will go into effect on March 4 as scheduled as drugs are still pouring into the U.S. from those countries.

China will be charged an additional 10% on that day, he added.

"Although short-term upward pressures on metal prices are likely in response to Trump-led trade policy shifts, the longer-term outlook remains bearish, as tariffs are expected to weigh on the market, pushing up the U.S. dollar and posing headwinds to metals..." said BMI, a Fitch Solutions unit.

Separately, Myanmar's Wa State is considering allowing mining to resume in the tin-rich region, Wa spokesperson Nyi Rang told Reuters on Friday.

Mines in Wa produce 70% of the tin from Myanmar, the world's third-largest producer and a dominant supplier to China.

Among other metals, LME aluminium CMAL3 eased 0 .4% to $2,623, tin CMSN3 was down 0.01% to $31,700, LME zinc CMZN3 eased 0.9% at $2,784, nickel CMNI3 fell 0.7% at $15,720 and lead CMPB3 lost 0.4% to $2,000.

SHFE aluminium SAFcv1 advanced 0.3% to 20,640 yuan a ton, SHFE copper SCFcv1 shed 0.3% to 76,840 yuan, zinc SZNcv1 slid 0.5% to 23,425 yuan, nickel SNIcv1 gained 1.2% to 126,650 yuan, lead SPBcv1 was up 0.2% at 17,190 yuan and tin SSNcv1 dropped 0.5% to 256,110 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