London copper prices were nearly unchanged on Thursday, as market participants looked for more stimulus cues from China and news on potential US trade tariffs.

Three-month copper on the London Metal Exchange (LME) was little changed at $9,079.5 per metric ton as of 0150 GMT.

The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) eased 0.3% to 74,530 yuan ($10,248.76) a ton.

Traders are anticipating additional fiscal stimulus measures from the upcoming Central Economic Work Conference in China, the world’s largest consumer of metals.

At the same time, the focus is on developments around potential import tariffs proposed by US President-elect Donald Trump and any retaliatory actions from Beijing.

“With the rising uncertainty over the macro-outlook, the US dollar is likely to take centre stage as a key price driver for the base metals in the near-term, with whipsaw movements a direct a result of Trump announcements,” said StoneX analyst Natalie Scott-Gray.

The US dollar was little changed overall on the day.

A stronger dollar makes metals more expensive for buyers holding other currencies.

Copper prices slide under pressure from stronger dollar

On the supply front, Rio Tinto on Wednesday forecast higher copper production, mostly on an anticipated 50% output surge from its Mongolian assets.

LME aluminium lost 0.4% at $2,636.5 a ton, nickel eased 0.5% at $16,035, zinc slipped 0.5% at $3,084.5, lead steadied at $2,086.5 and tin was unchanged at $29,035.

SHFE aluminium gained 0.9% at 20,630 yuan a ton, tin added 0.6% at 244,570 yuan, zinc increased 0.3% to 25,395 yuan, lead firmed 0.7% at 17,665 yuan, while nickel fell 0.4% to 126,940 yuan.