Copper metal price on March 21: increased again

The benchmark three-month copper contract on the LME rose 0.2%.

The benchmark three-month copper contract on the LME rose 0.2% to $9,923 per ton. Copper prices had hit a five-month high of $9,937 on Wednesday.

Earlier, US President Donald Trump ordered an investigation into the possibility of imposing new tariffs on copper, causing the spread between copper prices on Comex and LME contracts to widen, reaching a record high of $1,192 per ton on Tuesday.

One trader said: “The potential US tariffs on copper are something we’re watching closely, and the Comex-LME spread continues to widen as the market speculates on the possibility of a 25% tariff on copper under Trump.”

Meanwhile, Vladimir Potanin, CEO of Russian metals and mining conglomerate Nornickel, said on Tuesday that he expects updates on a joint venture project to produce copper in China in the coming months.

Nornickel is in talks about a joint venture in China, with potential investments in initial financial plans for 2025-2026.

LME aluminum prices rose 0.1% to $2,657 per ton, lead remained unchanged at $2,095, zinc fell 0.2% to $2,958.50, and tin held steady at $35,420. Nickel prices increased 1.1% to $16,425.

On the Shanghai Futures Exchange (SHFE), copper prices rose 0.7% to 80,890 yuan/tonne, SHFE aluminum fell 0.6% to 20,705 yuan/tonne, zinc fell 0.2% to 23,895 yuan, lead rose 0.6% to 17,690 yuan, and nickel rose 0.7% to 131,660 yuan. Tin prices increased 0.4% to 281,780 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-21-3-tang-tro-lai.html