METALS-Copper prices poised for weekly gain on weaker dollar, tariff concerns

By Hongmei Li

SINGAPORE, June 27 (Reuters) - London and Shanghai copper prices were poised to log weekly gains on Friday, underpinned by a weaker U.S. dollar and persistent concerns over possible U.S. tariffs on copper imports.

The London Metal Exchange (LME) three-month copper CMCU3 ticked down 0.19% to $9,881 per metric ton as of 0101 GMT, after having hit $9,913.5, its highest since March 27. It was up 2.58% for the week.

The Shanghai Futures Exchange (SHFE) copper SCFcv1 rose 1.32% to 79,780 yuan ($11,125.83) after having hit 79,900 yuan, or its highest since April 1. It was also up 2.03% for the week.

"Copper prices have been driven up by topics of common interest, including a weaker dollar, the continuing flow of copper to the U.S. from LME on possible U.S. copper import tariff, and the concerns on supply tightness elsewhere in the near-term," said a Beijing-based metals analyst from a futures company on condition of anonymity.

The dollar drifted on Friday, hovering near its lowest level in 3-1/2 years against the euro and sterling, as traders wagered on deeper U.S. rate cuts while awaiting trade deals ahead of a July deadline for President Donald Trump's tariffs. USD/

A softer dollar makes greenback-priced commodities less expensive for buyers using other currencies.

The premium for the LME cash copper contract over the three-month contract CMCU0-3 rebounded to $310 a ton, its highest since November 2021, indicating near-term supply tightness, and the premium of Comex over LME copper rose to $1,403 a ton on Thursday, or its highest since April 25.

LME nickel CMNI3 fell 0.26% to $15,170 a ton, zinc CMZN3 eased 0.18% to $2,763.

SHFE tin SSNcv1 rose 1.52% to 270,670 yuan a ton, aluminium SAFcv1 gained 1.32% to 20,650 yuan, zinc SZNcv1 was up 1.26% to 22,435 yuan, and lead SPBcv1 inched up 0.23% to 17,245 yuan.

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TOP/MTL or MET/L

DATA/EVENTS (GMT)
0645 France CPI (EU Norm) Prelim YY, MM NSA June

0645 France Producer Prices YY May

0900 EU Consumer Confid. Final June

1230 US Consumption, Adjusted MM May

1230 US Core PCE Price Index YY, MM May

1400 US U Mich Sentiment Final

($1 = 7.1707 Chinese yuan)

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