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Copper prices rise amid uncertainty over tariffs and Chilean supply outlook

The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Tuesday. However, uncertainty about U.S. Tariffs and increased supply of copper from Chile, which is the world's biggest producer, limited further gains.

As of 0703 GMT the three-month copper price on the LME rose 0.3% to $9,860 a metric ton. The most traded copper contract on SHFE also increased 0.14% to 79.620 yuan (11,102.13 dollars) per ton.

On Monday, the United States notified 14 countries of new tariffs that will take effect August 1, ranging between 25% and 40%. Donald Trump, the U.S. president, warned that a 10% additional tariff could be imposed if BRICS nations such as Brazil, Russia India and China pursued what he called "anti-American policies" during their Brazil summit.

The market is still focused on U.S. tariffs as they haven't been finalized. A higher value of copper exported from Chile may indicate a larger supply, according to a metals analyst in Beijing from a futures firm.

Chile exported $4.67 Billion worth of copper to the world in June, an increase of 17.5% compared with the previous period.

ANZ reported that "Chilean Copper Mines enjoyed their best export month in three years in June",

The U.S. continues to receive copper, despite Washington's investigation into possible new copper import tariffs. COMEX futures are still trading at a premium over the LME benchmark, and COMEX stocks have reached a 7-year high or risen 120% since February.

LME nickel fell 0.31% to $15,130 per ton. Tin rose 0.57%, to $33,475, while lead grew by 0.56%, to $2 048, aluminium increased by 0.54%, to $2 587.5, and zinc climbed 0.47%, to $2 697.

SHFE aluminium rose 0.12% to 20.525 yuan per ton. Nickel fell 0.67% to 120.370 yuan. Zinc dropped 0.61% at 22,050 Yuan. Lead eased 0.29% at 17,160 Yuan. Tin slipped 0.08% to 265480 Yuan.

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(source: Reuters)