METALS-Copper eases on trade truce uncertainty; tariff clarity expected on August 1
By Lucas Liew
July 30 (Reuters) - Copper prices edged lower in London and Shanghai as traders remained cautious amid uncertainty over the extension of the U.S.-China trade truce and the implementation of new U.S. tariffs on August 1.
Three-month copper on the London Metal Exchange CMCU3 fell 0.23% to $9,775.5 per metric ton by 0709 GMT, while the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.06% to 78,930 yuan ($10,999.47) a ton.
"Nothing seems certain yet; the remarks from the (U.S. and China) officials sound hopeful. I am still uncertain what will come afterwards though the two countries said they would push to extend the trade truce," a Shanghai-based metals analyst at a futures company said.
More details may be available on August 1 when U.S. tariffs on its trade partners, including its 50% copper import tariffs, are all said to be effective.
Elsewhere, the premium of COMEX over LME copper fell to 26% after top producer Chile said it was seeking exceptions from 50% U.S. tariffs.
Grupo Mexico, a leading copper miner, reported a 10% rise in net profit for the second quarter amid lower mining costs and strong performance in its copper byproducts business. It views the looming tariffs as an investment opportunity to expand production run by its U.S. subsidiary, Asarco, in Arizona.
Among other London metals, aluminium CMAL3 gained 0.31% to $2,613.5 a ton, while lead CMPB3 fell 0.12% to $2,014, tin CMSN3 edged down 0.05% to $33,675, and nickel CMNI3 lost 0.66% to $15,215. Zinc CMZN3 traded flat at $2,805.
SHFE nickel SNIcv1 fell 0.15% to 121,720 yuan, while lead SPBcv1 declined 0.32% to 16,890 yuan. Tin SSNcv1 strengthened 0.19% to 267,870 yuan, and zinc SZNcv1 increased 0.04% to 22,670 yuan. Aluminium SAFcv1 traded flat at 20,625 yuan.
For the top stories in metals and other news, click
TOP/MTL or MET/L
($1 = 7.1758 Chinese yuan)
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
Related Articles
[Reuters Analysis] Trump adopts messenger-in-chief role after Charlie Kirk's death
By Trevor Hunnicutt and Steve Holland WASHINGTON, Sept 14 (Reuters) - Since the U.S. conservative activist Charlie Kirk was shot in a brazen display of violence, President Donald Trump has embraced the role of spokesman in an extraordinary way.Trump was first to confirm the news to a country in s
[Reuters Breakingviews] China has yet to win the global power struggle
By Hugo Dixon LONDON, Sept 14 (Reuters Breakingviews) - Back-to-back spectacles this month may have given the impression that Beijing’s superpower struggle with the United States is all but over. First, India’s Narendra Modi and Vladimir Putin of Russia held hands as they walked to meet Xi Jinpin
Apple's New Products May Help the Stock, but Services Matter Most Heading Into Fiscal 2026
Key PointsApple's latest iPhones and wearables refresh the lineup, but the higher-margin services business is doing the real heavy lifting.Services now account for close to one-third of the tech giant's revenue, with materially higher margins than hardware.The stock's premium valuation means the inv
Investing in Clean Energy
TradingKey - Not so long ago, clean energy was relegated to a niche, a corner for subsidies, early markets, and greens. Now it's at the center of global economic thought. Governments, business, and consumers are driving a structural transformation from fossil fuels to renewables. The roofs are toppe
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
