METALS-Copper prices little changed as markets await impact of US tariffs

By Hongmei Li

SINGAPORE, July 16 (Reuters) - Copper prices on the London Metal Exchange and the Shanghai Futures Exchange moved little on Wednesday, as markets awaited the impact of U.S. President Donald Trump's trade tariffs, which are set to take effect on August 1.

Three-month copper on the LME CMCU3 eased 0.04% to $9,641.5 per metric ton by 0102 GMT, while the most-traded copper contract on the SHFE SCFcv1 added 0.08% to 77,990 yuan ($10,872.87) a ton.

"Not much news today that will move the market," a Beijing-based metals trader from a futures company said.

"China's first-half economic data are out. Overall, there's nothing to worry about other than the persistently sluggish property market. U.S. is unlikely to cut interest rate soon with the June CPI, tariffs will be the next."

In June, U.S. consumer prices rose 0.3%, making the largest increase in five months in June.

The uptick, driven by higher costs for some goods, suggests that tariffs are starting to show an impact on inflation, potentially prompting the Federal Reserve to hold off on rate changes until September.

On Tuesday, Trump announced that the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country, with additional deals expected soon.

The U.S. president also revealed fresh details about planned duties on pharmaceuticals after the European Union, one of the top U.S. trading partners, readied retaliatory measures in case talks with Washington failed.

LME nickel CMNI3 gained 0.36% to $15,200 a ton, tin CMSN3 rose 0.16% to $33,365, while lead CMPB3 fell 0.3% to $1,990. Zinc CMZN3 and aluminium CMAL3 stayed flat at $2,698 and $2,582.5, respectively.

SHFE nickel SNIcv1 added 1.31% to 121,020 yuan per ton, recovering from Tuesday's drop. Aluminium SAFcv1 gained 0.12% to 20,415 yuan and tin SSNcv1 rose 0.06% to 263,890 yuan. Lead SPBcv1 eased 0.65% at 16,900 yuan and zinc SZNcv1 slipped 0.5% to 21,995 yuan.

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TOP/MTL or MET/L

DATA/EVENTS (GMT)
0600 UK CPI, Core CPI YY June

0600 UK CPI Services MM, YY June

0900 EU Total Trade Balance SA May

1230 US PPI Machine Manuf'ing June

1315 US Industrial Production MM June

($1 = 7.1729 Chinese yuan)

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