Copper metal price on February 11: slight decrease

Copper on the London Metal Exchange (LME) fell 0.1%.

Copper on the London Metal Exchange (LME) fell 0.1% to $9,402 a tonne, zinc rose 0.1% to $2,842, tin rose 0.1% to $31,145, lead was steady at $1,993.50 and nickel rose 0.2% to $15,790. Three-month aluminium on the LME edged up 0.2% to $2,633.50 a tonne.

Aluminum futures on the Shanghai Futures Exchange (SHFE) rose 0.3% to 20,550 yuan a tonne, after hitting their highest since early December 2024.

SHFE copper rose 0.8% to 77,370 yuan, nickel rose 0.4% to 127,680 yuan, zinc remained unchanged at 23,805 yuan, lead rose 0.4% to 17,160 yuan and tin rose 0.3% to 259,000 yuan.

On Sunday, US President Donald Trump said he would impose a new 25% tariff on all steel and aluminum imports into the US, on top of existing metals tariffs, in another major escalation of his trade policy overhaul.

The US president said he would announce “reciprocal” tariffs, effective almost immediately, that would apply to all countries and match the tariffs each country imposes.

The impending tariffs have created an unusually wide transatlantic price gap, with the premium for New York’s benchmark Comex copper futures contract rising to more than $800 a tonne over London prices, the highest since at least early 2020. Comex copper was up 2% on Monday at more than $10,000 a tonne.

Tom Price, an analyst at Panmure Liberum, said the high US premium reflected a “distorted” market, reflecting concerns about “tight supply” rather than the more common reason of increased demand.

The higher US premium reflects “expectations that prices will be higher in the future due to tariffs,” said Daria Efanova, director of research at Sucden Financial.

Copper is widely used in electrical equipment such as wiring and motors, while aluminum is a lightweight material used in many industries including the automotive and aerospace industries.

Copper is brought into Comex warehouses on what is known as a “duty paid” basis, meaning all duties must be paid before the metal is brought into the facility. That means supplies brought in before the duties take effect will not be affected by those duties.

Comex copper inventories spiked last year and have continued to rise this year. “People are looking to protect themselves from paying copper prices plus tariffs,” said William Adams, director of base metals research at Fastmarkets.

Steel and precious metals such as silver and gold also surged to record highs in the U.S. as traders rushed to secure physical exposure ahead of any potential tariffs. Potential tariffs on steel and aluminum would likely have a particularly large impact on Canadian aluminum smelters, which supply about 44% of U.S. aluminum demand.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-11-2-giam-nhe.html