eased due to tariff concerns

Three-month copper on the London Metal Exchange (LME) fell 0.1%.

Three-month copper on the London Metal Exchange (LME) fell 0.1% to $9,517.5 a tonne.

The most-active copper contract on the Shanghai Futures Exchange fell nearly 1% to 77,710 yuan ($10,721.58) a tonne.

Benchmark LME copper hit a four-month high of $9,739 a tonne last week after US President Donald Trump exempted automakers from 25% tariffs on Canada and Mexico for one month.

President Trump on Sunday declined to comment on the market’s negative reaction to his on-again, off-again tariff actions against America’s largest trading partners and whether concerns about his erratic policy changes could push the weakening economy into recession.

“In the long term, changing trade routes and any retaliation to tariffs could lead to an economic shock, investment uncertainty and ultimately a headwind for the product mix, especially if we see increased tensions between the US and China,” said Natalie Scott-Gray, senior metals analyst at StoneX.

China consumes about half of the global copper supply each year.

Meanwhile, the yen was a safe haven for investors on Tuesday and it traded near a five-month high as concerns about a tariff-induced slowdown in US growth rocked US stocks and the dollar.

A weaker dollar makes greenback-priced commodities cheaper for buyers holding other currencies.

Among other metals, LME aluminium fell 0.5% to $2,681.50 a tonne, zinc lost 0.2% to $2,851 a tonne and nickel fell 0.2% to $16,515 a tonne. Lead fell 0.7% to $2,035 a tonne and tin fell 0.3% to $32,565 a tonne.

SHFE aluminium fell 0.6% to 20,740 yuan a tonne, zinc fell 0.8% to 23,670 yuan and lead rose 0.1% to 17,440 yuan.

Nickel rose 0.5% to 132,440 yuan and tin fell 0.2% to 262,170 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-12-3-giam-nhe-do-lo-ngai-ve-thue-quan.html