METALS-Copper rangebound as market awaits US trade talks, tariff clarity
By Hongmei Li
SINGAPORE, June 30 (Reuters) - Copper prices on the London Metal Exchange and Shanghai Futures Exchange traded in a range on Monday, as investors awaited progress in U.S. trade talks and clarity on potential copper import tariffs.
Three-month copper CMCU3 on the LME eased 0.15% to $9,863 per metric ton as of 0105 GMT, while the most-traded copper contract SCFcv1 on the SHFE gained 0.13% to 79,840 yuan ($11,132.03) a ton.
Uncertainty clouded U.S. trade talks after President Donald Trump abruptly ended negotiations with Canada on Friday, denouncing its tax on U.S. tech firms as a "blatant attack" and vowing to impose new tariffs on Canadian goods within the week.
Meanwhile, expectations that the U.S. will impose tariffs on copper imports have pulled metal to that country, leaving shortages elsewhere.
"The ongoing squeeze on the LME also provided some support to prices," ANZ said.
"Spot copper contracts continue to trade at huge premiums to later-dated futures. Supplies in LME warehouses have been partly drained due to record shipments to the U.S. ahead of upcoming tariffs."
Copper stocks MCUSTX-TOTAL in LME-registered warehouses fell 1,800 tons to 91,275 tons on Friday, the lowest since August 2023.
Inventories CU-STX-SGH in the SHFE-monitored warehouses fell 19% in the week ended Friday to 81,550 tons, the lowest since May 9.
LME tin CMSN3 fell 0.41% to $33,625 a ton, lead CMPB3 lost 0.34% to $2,037, zinc CMZN3 shed 0.32% to $2,770, nickel CMNI3 dipped 0.23% to $15,210 and aluminium eased 0.19% to $2,590.
SHFE tin SSNcv1 fell 0.63% to 268,030 yuan, lead SPBcv1 dipped 0.29% to 17,145 yuan and aluminium SAFcv1 dropped 0.22% to 20,530 yuan, while nickel SNIcv1 gained 0.13% to 79,840 yuan.
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DATA/EVENTS (GMT)
0600 UK GDP QQ, YY Q1
1200 Germany CPI Prelim YY Jun
1200 Germany HICP Prelim YY Jun
($1 = 7.1721 Chinese yuan)
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