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Copper prices fall as attention shifts towards the U.S. tariff deadline of July 9.

Copper prices fell on Friday, as attention shifted to President Donald Trump’s July 9 deadline for imposing tariffs on countries who have not yet signed trade agreements.

The benchmark copper price on the London Metal Exchange was $9,875 per metric ton as of 1017 GMT. It had earlier reached a three-month peak at $10,020.5 per ton.

Traders said volumes are low and will likely remain that way due to the Independence Day holiday on July 4 in the United States.

Trump announced that his administration would begin sending letters to 10-12 countries later on Friday informing them about the tariff rates their products will be subject to in the United States.

The traders reported that the caution due to the fact that several major trading partners including the European Union (EU), Japan, and India are still trying to negotiate an agreement with the U.S. has triggered the profit-taking of long positions or bets for higher prices.

The 21-day moving median of around $9,760 is the first technical support for copper.

There are also concerns about the availability of aluminium on the LME due to large holdings in warrants (#LMEWHL) and contracts near by (#LMEFBR), as well as a slowdown in outflows. Deliveries to approved warehouses of the London Exchange.

Since June 25, the LME's aluminum stocks have increased by more than 20,000 tonnes to 356,975 tonnes. Metal earmarked at 2% or cancelled warrants indicate that only a small amount is due to be delivered.

A weaker dollar provided some support to industrial metals Friday. Traders said that the Federal Reserve's prospects of holding rates steady following Thursday's strong employment report could increase the U.S. dollar and impact metals demand.

Aluminum Lead fell 0.2% to 2,059 a tonne, while tin dropped 0.4% to 33,710 a metric ton. Nickel also declined 0.5%, to $15,370.

(source: Reuters)