Three-month copper futures on the London Metal Exchange (LME) fell 1.0% to $9,182 a ton in official public trading, while aluminum declined 1.5% to $2,650.
Copper and aluminum reached their highest levels since December 11th and November 25th, respectively, when Trump, in his inaugural address, did not immediately impose import tariffs or target trade with China, the leading consumer of the metals.
However, this relief was short-lived, as Trump later announced he was considering imposing a 25% tariff on imports from Canada and Mexico on February 1st. He also indicated his desire to reverse the US trade deficit with the European Union.
“With Trump back in the White House, downside risks have increased for industrial metals and potential US tariffs and a stronger dollar could impact demand,” said Ewa Manthey, a commodities analyst at ING.
A stronger US dollar makes metals more expensive for holders of other currencies.
Canada is a major supplier of aluminum to the United States, and the metal is likely to be most affected by tariffs on Canadian imports, if they are implemented, which would lead to higher aluminum prices in the U.S., Manthey added.
Growth-dependent metals could continue to fall in price this year if the timing and scope of US tariffs lead to persistent inflation and delay interest rate cuts by the Federal Reserve. As of now, the Fed is expected to keep interest rates unchanged on January 29th and continue cutting them in March.
LME zinc fell 1.2% to $2,928 in official trading, while lead lost 1.8% to $1,950. According to a global industry group, both zinc and lead markets experienced small deficits in January-November. Tin fell 0.2% to $30,325, while nickel declined 0.3% to $16,050.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-23-1-kim-loai-co-ban-giam.html
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