METALS-London copper prices ease; US tariff concerns persist
By Hongmei Li
SINGAPORE, June 4 (Reuters) - Prices of London copper ticked down on Wednesday as uncertainty over U.S. tariffs on the metal kept a lid on prices.
Three-month copper on the London Metal Exchange CMCU3 eased 0.2% to $9,615.5 per metric ton by 0102 GMT. The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.5% to 78,910 yuan ($10,979.24) a ton.
Starting Wednesday, the U.S. has doubled tariffs on steel and aluminium imports to 50% for all trading partners except Britain, the only country whose steel and aluminium exports will be taxed at 25% until at least July 9.
"Copper found some support amid fears that the metal may also be subject to U.S. tariffs. The Trump administration is currently reviewing the impact of U.S. copper imports on the local industry," ANZ said.
The dollar drifted lower as the market looked ahead to U.S. employment data for May for immediate trading cues, while waiting on developments in President Donald Trump's tariff negotiations with key trading partners, including China. USD/
The continued outflow of copper from LME-registered warehouses led to a drop in inventory to 143,850 tons, the lowest in almost a year, following the delivery of 4,600 tons.
Among other LME metals, aluminium CMAL3 gained 0.4% to $2,472 a ton, tin CMSN3 fell 0.3% to $31,275 and zinc CMZN3 dipped 0.2% to $2,702.50.
SHFE aluminium SAFcv1 gained 0.4% to 20,010 yuan a ton, lead SPBcv1 added 0.5% to 16,660 yuan, zinc SZNcv1 rose 0.6% to 22,370 yuan, tin SSNcv1 advanced 1.4% to 253,600 yuan and nickel SNIcv1 was up 0.3% to 121,950 yuan.
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TOP/MTL or MET/L
DATA/EVENTS (GMT)
0750 France HCOB Services, Composite PMI May
0755 Germany HCOB Services, Composite Final PMI May
0800 EU HCOB Services, Composite Final PMI May
0830 UK S&P GLOBAL PMI: COMPOSITE - OUTPUT May
0830 UK Reserve Assets Total May
1345 US S&P Global Comp, Svcs PMI Final May
1400 US ISM N-Mfg PMI May
($1 = 7.1872 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
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