METALS-U.S. copper falls after hitting record high
By Polina Devitt
LONDON, July 24 (Reuters) - U.S. copper futures fell after hitting a record high on Thursday due to mounting uncertainty with just over a week left until the planned date for the U.S. import tariff on the metal.
The most active COMEX copper futures HGc3 were down 0.5% at $5.7925 a lb after hitting a peak of $5.9585, while three-month copper CMCU3 on the London Metal Exchange fell 0.6% to $9,869.50 a metric ton by 1605 GMT.
The premium of COMEX over LME copper stabilised at 29%, remaining below the 50% import tariff planned by President Donald Trump as the market was waiting for confirmation of the August 1 deadline and a list of the copper products to which the levy would apply.
"Any shift in Trump's tariff policy – whether there are any exemptions or the rate itself is toned down – could see the COMEX premium falling," said ING commodities analyst Ewa Manthey.
Copper stocks in COMEX-owned warehouses HG-STX-COMEX jumped 163% over the last four months, but inflows have been slowing in recent days.
This trend is likely to persist, improving availability of copper outside the U.S. and keeping the global copper prices under pressure, Manthey said.
Apart from the approaching deadline for the U.S. copper tariffs, the metals market focus is on China-U.S. trade talks due in Sweden next week, U.S. trade talks with other countries, and Washington's ongoing investigation into potential import tariffs on some critical minerals.
Tin CMSN3 fell 0.8% to $34,580 a ton after touching $35,100, for its highest since April 7, earlier in the session.
Supporting the metal are low stocks in LME-registered warehouses MSNSTX-TOTAL and large holdings 0#LME-WHL of tin warrants - title documents conferring ownership.
Aluminium CMAL3 eased 0.2% to $2,645.50 a ton, while zinc CMZN3 fell 0.8% to $2,838. Both hit a four-month high earlier in the day. Lead CMPB3 fell 0.6% to $2,019.50 and nickel CMNI3 was down 0.9% at $15,430.
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX
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