METALS-LME copper hits over one-week high as dollar slides on US tariff ruling
Feb 23 (Reuters) - LME copper hit a more than one-week high on Monday, while most other metals in the base metals complex also gained as the dollar fell after the U.S. Supreme Court on Friday struck down a vast swathe of tariffs imposed by U.S. President Donald Trump.
Benchmark copper CMCU3 on the LME was up 0.2% at $12,978.50 a metric ton as of 0309 GMT, earlier hitting a more than one-week high of $13,050.
The Shanghai Futures Exchange, closed for the Lunar New Year holiday, will reopen on February 24.
"Base metals are quietly benefiting from the court's (tariff) ruling, but that is mostly due to the dollar's slide," KCM Trade's chief market analyst Tim Waterer said.
"Tariffs on copper and aluminium are not impacted by the striking down of tariffs imposed under IEEPA. But there remain big questions over the international trade picture moving forward such as whether existing trade deals will be subject to the new 15% global tariffs," he said.
After the court ruling, Trump said he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries.
The dollar fell on Monday as traders took the U.S. Supreme Court's decision to strike down most of Trump's tariffs as supportive for global growth, though confusion and risk of conflict in the Middle East kept moves relatively small. USD/
The decision has weakened Trump's ability to threaten and impose tariffs at a moment's notice, but it won't end gnawing uncertainty for trade partners or companies.
U.S. economic growth slowed more than expected in the fourth quarter, with government spending posting its biggest decline since 1972 because of last year's shutdown, but steady consumer and business outlays underscored the economy's resilience.
Elsewhere, copper stocks in LME-approved warehouses rose 9575 tons to 235,150 tons on Thursday MCUSTX-TOTAL, the highest since March 2025.
In other metals, aluminium CMAL3 rose 0.3% to $3,110, while lead CMPB3 gained 0.1% to $1,966. Zinc prices edged 0.3% down to $3,374 CMZN3, and nickel CMNI3 climbed 1.2% to $17,545 a ton.
DATA/EVENTS (GMT) | |
0900 | Germany Ifo Business Climate, Curr Conditions, Expectations New Feb |
1500 | US Factory Orders MM Dec |
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