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 0.06% to $9,872.5 per metric ton as of 0700 GMT, but remained on track for a 3.92% gain on the month, marking its second consecutive monthly increase.

The most traded copper contract SCFcv1 on the SHFE gained 0.16% to 79,870 yuan ($11,150.36) a ton, which was also up for the second consecutive month, being 2.8% higher on the month.

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 lead CMPB3 gained 0.24% to $2,049 a ton, aluminium went up 0.15% to $2,599, tin CMSN3 inched up 0.04% to $33,775, zinc CMZN3 up 0.04% to $2,780, while nickel CMNI3 dipped 0.13% to $15,225.

SHFE tin SSNcv1 was the only among SHFE metals to fall, down 0.6% to 268,110 yuan, while zinc SZNcv1 gained 0.31% to 22,495 yuan, nickel SNIcv1 inched up 0.17% to 120,830 yuan, lead SPBcv1 up 0.03% to 17,200 yuan and aluminium SAFcv1 up 0.02% at 20,580 yuan.

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