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METALS-Shanghai base metals hover near 8-month lows as trade war intensifies
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METALS-Shanghai base metals hover near 8-month lows as trade war intensifies
Apr 9, 2025 12:37 AM

(Updates prices for Asia market close)

SHANGHAI, April 9 (Reuters) - 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.

($1 = 7.3498 Chinese yuan renminbi)

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