METALS-Copper prices ease as traders brace for US tariffs
By Hongmei Li
SINGAPORE, July 25 (Reuters) - Copper prices in London and Shanghai eased on Friday as traders braced for the August 1 deadline when duties, including a 50% metal import tariff, are set to start between the U.S and its trading partners.
Three-month copper on the London Metal Exchange CMCU3 was down 0.39% at $9,838 a ton by 0700 GMT. It is, however, set to gain for a second week, up 0.64% so far.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 fell 0.74% to 79,250 yuan ($11,061.95), but is up 1.19% on week.
"The market is quietly waiting for August 1 when all the trade tariffs and U.S. copper import tariffs are supposed to roll out as more details may be available by then," a Beijing-based metals analyst at a futures company said.
The European Commission said on Thursday that a negotiated trade solution with the U.S. is within reach, while EU members voted to approve counter tariffs on 93 billion euros ($109 billion) of U.S. goods in case talks collapse and tariffs of 30% are imposed on the EU on August 1.
Meanwhile, China's vice premier will visit Sweden from July 27-30 for a new round of trade talks with U.S. officials. An August 12 deadline between the two could be extended.
On Thursday, the COMEX-LME copper premium stabilised at 29%, still below the 50% import tariff, as the market awaited confirmation of the August 1 deadline and a list of copper products to be included.
LME zinc CMZN3 fell 0.18% to $2,838.5 a ton, nickel CMNI3 gained 0.48% to $15,540, lead CMPB3 was up 0.4% at $2,030.5, and tin CMSN3 rose 0.33% to $34,740.
SHFE tin SSNcv1 fell 0.75% to 271,630 yuan a ton, zinc SZNcv1 ebbed 0.41% to 22,885 yuan, while aluminium edged up 0.12% to 20,760 yuan, nickel SNIcv1 gained 0.26% to 124,360 yuan, and lead SPBcv1 was up 0.38% at 16,955 yuan.
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