Benchmark three-month copper on the London Metal Exchange (LME) fell 0.9% to $9,845 a tonne. The contract hit a five-month high of $10,046.50 a tonne on Thursday.
The most-active copper futures contract on the Comex (CME) exchange in the US fell 1.2% to $5.049 a pound.
About a month ago, US President Donald Trump ordered an investigation into the possibility of imposing new tariffs on copper imports with the aim of rebuilding US production of the metal. Technically, the copper investigation could take up to nine months.
“Supply concerns over potential tariffs have impacted the CME-LME spread, as the US is heavily reliant on copper imports,” said Natalie Scott-Gray, senior metals analyst at StoneX.
The US imports about 40% of its copper needs, including from Canada and Mexico, which are targets of US President Donald Trump's tariff policies.
US President Donald Trump's 25% tariffs on steel and aluminum products took effect last week.
The US president has said his “reciprocal tariffs” aimed at bringing US tariffs down to those of other countries will take effect on April 2.
The Comex contract’s premium over the LME contract hit a record high of $1,346 a tonne on Thursday and was most recently $1,290 a tonne, or 13%. StoneX estimates that prices could rise to $2,000 a tonne if the US decides to impose a 25% tariff on copper.
The drive to deliver copper to the US ahead of possible tariffs also led to some trade rerouting as traders swapped LME-deliverable copper with producers and consumers for CME-deliverable brands, StoneX added.
LME daily data showed that copper inventories on order in the LME system fell to 117,775 tonnes, the lowest since June, following 8,200 tonnes of new cancellations. Cancellations now account for 48% of the LME’s total copper inventory.
Aluminium on the LME fell 1.0% to $2,631.50 a tonne, zinc fell 0.4% to $2,905 a tonne, lead fell 0.9% to $2,038.50 a tonne, tin fell 1.0% to $34,920 a tonne, while nickel fell 0.7% to $16,165 a tonne.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-22-3-giam-do-ap-luc-tu-dong-usd.html
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