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London copper prices drop as Trump tariffs cause demand concerns

The price of copper in London fell by more than 1.5% Thursday as the U.S. President Donald Trump's sweeping tariffs sparked concern about global metal demand.

As of 0131 GMT, the benchmark three-month contract on the London Metal Exchange was down 1.6% to $9,547 a metric tonne. The contract had hit $9,507 earlier in the day. It was its lowest level since March 11.

Trump announced on Wednesday that a 10% minimum tariff would be applied to most imported goods into the United States.

Tariffs on dozens of products could lead to a global trade conflict that would increase inflation in the U.S., and possibly hinder economic growth globally.

The reciprocal tariffs sent shockwaves throughout today's stock and futures markets. The people are on edge as they anticipate what retaliatory duties other countries may levy. The specter of a escalating war on trade is the dominant force in the market," said a metals trader.

Other metals include LME aluminium, which fell 1.4% to $2.456 per ton. Lead dropped 0.5% to $1.959, Zinc dropped 1.1% to 2.750, Tin was down by 2.4% to $37.030, and Nickel was down by 0.7% to $15.850 per ton.

Lead fell 0.6%, and SHFE copper dropped 1.1%, to 78.970 yuan per ton. Nickel fell 1.1%, to 127.890 yuan. Tin fell 0.6%, to 291,940.

(source: Reuters)