London copper prices fell for a second straight session on Tuesday as a firmer US dollar and as uncertainty over potential US tariffs weighed on the market.

Three-month copper on the London Metal Exchange (LME) eased 0.3% to $8,964 per metric ton by 0245 GMT after hitting a more-than-two-week low on Monday.

The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) gained 0.2% to 73,890 yuan ($10,129.27) a ton.

The US currency was buoyant, making dollar-priced metals costlier for holders of other currencies.

Markets are concerned about President-elect Donald Trump’s proposed import tariffs, which could harm global economic growth.

His pledges might also disrupt the global metal demand-supply balance and potentially lead to price fluctuations.

“For the rest of the year, copper prices will likely remain range-bound with a negative bias. People nervous about Trump’s proclamations may decide to do some selling ahead of his inauguration (in January),” said Marex consultant Edward Meir.

Elsewhere, the mood in China’s manufacturing sector has been depressed for months due to tumbling producer prices and dwindling orders.

However, recent data suggest the stimulus announcements are improving sentiment on factory floors in the world’s top consumer of industrial metals.

Copper ends steady on optimism

NAB analysts expect base metal prices to trend lower across 2025 and 2026, with weaker activity in China as the key driver.

LME aluminium fell 0.4% to $2,578.5 a ton, nickel slipped 0.1% at $15,680, zinc declined 0.6% to $3,057.5, lead lost 0.9% at $2,057.5 while tin rose 0.2% to $28,620.

SHFE aluminium fell 0.2% at 20,340 yuan a ton, nickel fell 1.1% to 124,340 yuan, lead was up 0.7% at 17,565 yuan, tin steadied at 241,430 yuan and zinc decreased 0.5% to 25,335 yuan.