METALS-Copper edges up amid US trade optimism; copper tariff details awaited
By Hongmei Li
SINGAPORE, July 24 (Reuters) - Copper prices edged up on Thursday on growing optimism over progress in U.S. trade talks, although uncertainty around copper import tariffs kept traders cautious.
Three-month copper on the London Metal Exchange CMCU3 inched up 0.14% to $9,944 a ton by 0700 GMT. The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 was up 0.1% at 79,890 yuan ($11,171.08) a ton.
The European Union and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday. The deal would follow President Donald Trump’s recently announced agreement with Japan.
As for copper, Chile's mining minister and the chairman of Codelco, the world's biggest copper producer, said on Wednesday that they have not yet received details on 50% copper tariffs, due to be imposed by the U.S. on August 1.
"The deadline of August 1 is approaching, but no one knows which copper products will be affected," a Shanghai-based metals analyst at a futures company said, adding this makes it hard to predict where copper prices will go in future.
On Thursday, SHFE aluminium SAFcv1 fell 0.41% to 20,760 yuan a ton, lead SPBcv1 ticked down 0.09% at 16,890 yuan, zinc SZNcv1 gained 0.48% to 23,015 yuan, and nickel SNIcv1 gained 0.66% to 124,360 yuan.
SHFE tin SSNcv1 jumped 1.88% to 273,950 yuan, after touching 275,750 yuan earlier in the session, the highest since April 7, mainly due to persistently low inventories especially out of China.
LME aluminium CMAL3 eased 0.21% to $2,645.5 a ton, while zinc CMZN3 inched up 0.47% to $2,875.5, tin was up 0.41% at $34,995, nickel CMNI3 nudged up 0.21% at $15,605, and lead CMPB3 traded higher by 0.17% at $2,035.5.
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