METALS-Copper prices fall amid uncertainty over US trade talks
By Hongmei Li
SINGAPORE, July 7 (Reuters) - Copper prices on the Shanghai Futures Exchange and London Metal Exchange fell on Monday, pressured by concerns over U.S. trade negotiations and uncertainty surrounding potential tariffs ahead of President Donald Trump's July 9 deadline.
The three-month copper contract CMCU3 on the LME fell 0.68% to $9,797 per metric ton, as of 0707 GMT, and the most-traded contract SCFcv1 on the SHFE lost 1.12% to 79,270 yuan ($11,051.78) a ton.
The U.S. is close to finalising several trade agreements and will notify about a dozen countries of higher tariff rates starting Monday, Trump said on Sunday, with the higher rates scheduled to take effect on August 1.
"Markets are fretting that Trump's policies could trigger a global economic slowdown and hurt demand for industrial commodities," ANZ said.
"Copper price softening is expected also with rising copper stocks at LME and SHFE recently and the dampened consumption enthusiasm on higher prices," a Shanghai-based metal analyst at a futures company said.
Copper inventories CU-STX-SGH at SHFE-monitored warehouses gained for the first week after three by July 4, rising 3.7% to 84,589 tons, which was 73.7% lower on the year.
Total copper stocks MCUSTX-TOTAL at the LME-registered warehouses rose for four consecutive days till Friday, advancing 5% to 95,275 tons.
SHFE tin SSNcv1 slumped 2.03% to 263,520 yuan a ton, nickel SNIcv1 fell 1.6% to 120,540 yuan, zinc SZNcv1 receded 1.16% to 22,090 yuan, aluminium SAFcv1 lost 1.11% to 20,410 yuan and lead SPBcv1 shed 0.35% to 17,210 yuan.
LME tin CMSN3 shed 1.36% to $33,245, nickel CMNI3 dropped 1.3% to $15,090, aluminium went down 1.14% to $2,560.5, zinc CMZN3 fell 0.95% to $2,698, and lead CMPB3 ebbed 0.78% to $2,042.5.
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