LME base metals fell across the board, with LME copper dropping over 2%.

Published: Apr 3, 2025 17:35
On Thursday, April 3, base metals on the London Metal Exchange (LME) fell across the board, with LME copper dropping more than 2% at one point, as concerns over global metal demand were triggered by the US imposing "reciprocal tariffs." At 16:40 Beijing time, the three-month benchmark LME copper contract was quoted at $9,543.5 per mt, down 1.62%. Earlier in the day, the contract had touched $9,485, the lowest level since March 11. Xinhua News Agency reported from Washington on April 2 that US President Trump signed an executive order on so-called "reciprocal tariffs" at the White House on the 2nd, announcing that the US would impose a 10% "minimum benchmark tariff" on trading partners and levy higher tariffs on some trading partners. "Reciprocal tariffs" may exacerbate inflation and hinder economic growth in the US and globally. A base metal trader said, "Reciprocal tariffs have caused shocks to the futures and stock markets. People are on edge, worried that other countries will impose retaliatory tariffs. Most importantly, the shadow of escalating trade conflicts is having a dominant impact on the market." Among other metals, LME aluminum fell 0.42% to $2,480 per mt; lead dropped 0.69% to $1,956; zinc declined 1.55% to $2,737.5; tin decreased 3.22% to $36,700; and nickel fell 0.31% to $15,915 per mt. SHFE copper fell 1.3% to 78,860 yuan per mt; SHFE aluminum dropped 0.1% to 20,420 yuan; SHFE zinc declined 0.9% to 23,155 yuan; SHFE lead fell 1.4% to 17,100 yuan; SHFE nickel decreased 1.6% to 127,330 yuan; and SHFE tin dropped 2.0% to 287,790 yuan.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
Feb 6, 2026 23:56
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
Read More
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan
Feb 6, 2026 23:56
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
Feb 6, 2026 23:54
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
Read More
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.
Feb 6, 2026 23:54
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
Feb 6, 2026 23:47
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
Read More
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."
Feb 6, 2026 23:47
LME base metals fell across the board, with LME copper dropping over 2%. - Shanghai Metals Market (SMM)