SHANGHAI: Base metal prices in China fell on Wednesday, with copper hitting an eight-month low, as the looming 104% U.S. import tariff on Chinese goods heightened concerns about slowing growth.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) dropped 2.0% to 71,950 yuan ($9,789) per metric ton as of 0333 GMT, hovering near its lowest level since August 12, 2024.
The benchmark three-month copper on the London Metal Exchange (LME) was down 1% to $8,570 per metric ton.
U.S. President Donald Trump said on Tuesday that 104% tariffs on imports from China will take effect from 0401 GMT on Wednesday, even as the Trump administration moved to quickly start talks with other trading partners targeted by a sweeping tariff plan.
Top metals consumer China hit back last Friday with additional 34% tariffs on all U.S. goods from April 10, after Trump imposed a 34% tariff on most Chinese goods as part of his sweeping reciprocal tariff program.
Copper, aluminium edge up after sharp sell-off
“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 2.2% to 19,305 yuan a ton, zinc lost 2.3% to 22,030 yuan, lead fell 1.3% to 16,430 yuan, while nickel was down 0.1% to 119,090 yuan, tin fell 5.0% to 255,700 yuan.
Among other metals, LME aluminium lost 1.0% to $2,328 a ton, zinc lost 0.3% to $2,555, lead lost 0.7% to $1,857, tin was down 2% at $31,950 and nickel was up 0.9% at $14,300 a ton.
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