Base metals in China fell on Wednesday, with copper hitting an eight-month low, as the current 104% U.S. import tariff on Chinese imports heightened concerns about slowing growth.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) dropped 1.8% to 72,130 yuan ($9,813.87) per metric ton as of 0703 GMT, hovering near its lowest since August 12, 2024.
The benchmark three-month copper on the London Metal Exchange (LME) was down 0.4% to $8,640 per metric ton.
U.S. President Donald Trump’s 104% import duties on China took effect earlier in the day, even as the Trump administration rushed to negotiate with the other trading partners hit by the sweeping tariff plan.
Last Friday, top metals consumer China hit back with an additional 34% tariff on all U.S. goods starting April 10 as a countermeasure to Trump’s sweeping tariffs.
“Due to Trump’s unpredictable tariffs, copper prices might decrease further, yet the current price below 75,000 yuan still encourages some fabricators to procure,” a base metals trader said.
SHFE aluminium slid 2.1% to 19,325 yuan a ton, zinc lost 2.8% to 21,930 yuan, lead fell 1.4% to 16,410 yuan, nickel eased 0.2% to 118,950 yuan and tin dropped 5.6% to 254,100 yuan.
Among other metals, LME aluminium lost 1.6% to $2,309 a ton, zinc shed 1.3% to $2,531, lead dipped 1.0% to $1,850 and tin slid 1.9% at $31,990. Nickel added 0.5% to $14,250 a ton.
Source: Reuters
