On Wednesday, March 26, London copper futures fell as concerns over US tariffs weighed on market sentiment, but the decline in copper prices was curbed by a weaker US dollar.
At 13:59 Beijing time, LME three-month copper futures dropped 1.1% to $10,004 per mt.
The market focused on the new round of tariff measures to be announced on April 2, which triggered market tension.
The US dollar took a breather on Wednesday, as weak US consumer confidence data and concerns over the impact of large-scale tariffs on US economic growth dampened the recent rebound in the dollar.
When the dollar weakens, dollar-denominated copper futures become cheaper for buyers holding other currencies.
The market tracked copper inflows into the US ahead of the tariff decision.
Natalie Scott-Gray, senior metals analyst at StoneX, said, "I agree that there is a significant shift of metals to the US, where inventories are also increasing."
According to several of the world's largest trading groups, copper prices are likely to hit a record high of $12,000 per mt or higher this year.
For other LME base metals, three-month aluminum rose 0.13% to $2,613 per mt; three-month lead fell 0.7% to $2,070.50 per mt; three-month zinc dropped 0.2% to $2,966 per mt; three-month tin declined 1% to $34,695 per mt; and LME three-month nickel decreased 0.3% to $16,110 per mt.
