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London copper drops to a two-week low due to US tariffs

London copper drops to a two-week low due to US tariffs

The copper price in London fell to a two-week low last Friday as the unease about looming U.S. Tariffs affected sentiment.

As of 0717 GMT, the benchmark three-month price for copper on London Metals Exchange (LME), fell 0.5% to $9801.5 per metric tonne. The price had fallen briefly to $9,800 - its lowest level since March 17. Prices were down 0.6% for the week.

Last month, U.S. president Donald Trump ordered an investigation into possible tariffs on imports of copper to rebuild U.S. manufacturing.

The markets are nervous about Trump's promise to announce new tariffs, in addition to 25% on imported vehicles that will take effect April 3, next week.

"We believe that the higher U.S. Tariffs and a general shift away from global trade, will harm world economic prospects in the coming year, helping to undermine demand for base metals," said Dan Smith.

Other metals include LME aluminium, which fell by 0.2% to 2,557 per ton. Lead eased 0.3%, while zinc dropped 0.4%, to $2 889. Tin gained 0.03%, to $35,280, and nickel increased 0.8%, to $16,370.

The price of SHFE copper fell 1.4%, to 80,450 Chinese yuan ($11075.32) per ton. SHFE aluminium dropped 0.96%, to 20,580 Yuan. Zinc lost 1.43%, to 23,770 Yuan. Lead was down 0.96%, to 17,450 Yuan. Nickel gained 1.01%, to 131 600 Yuan. Tin rose 0.8%, to 282,290 Yuan. ($1 = 7.2639 Chinese Yuan) (Reporting and editing by Rashmi aich, Janane venkatraman, Sumana Nandy).

(source: Reuters)