Copper and Aluminum Gave Up Intraday Gains, Resumed Decline [LME Closing on April 8]

On April 8 (Tuesday), LME copper and aluminum futures prices gave up earlier gains and resumed their decline as hopes for a swift resolution to tariff negotiations between the US and other countries faded. At 17:00 London time (00:00 Beijing time on April 9), LME three-month copper closed down $76.5, or 0.88%, at $8,655.5 per mt. Since the US announced tariffs last week, which sent global markets into turmoil, copper prices have fallen by approximately 11%. Citibank stated that the new tariffs would impact global copper consumption and manufacturing sentiment in Q2. Analysts noted that the recent declines in copper and aluminum have stimulated consumer demand, providing some support to the market. Since the US announced tariff hikes, the premium for copper at China's Yangshan port has surged 26% to $87 per mt, the highest since December 2023. In other metals, LME three-month aluminum closed down $21.5, or 0.91%, at $2,349 per mt. Aluminum prices have fallen for 14 consecutive trading days, dropping by about 12% since March 19. Three-month tin led the decline in base metals, closing down $1,326, or 3.91%, at $32,603 per mt. LME daily data showed that tin inventory increased to 3,435 mt, with nearly 500 mt delivered to Malaysian warehouses, easing concerns about recent tin supply. The premium for spot tin over three-month tin was $50 per mt, down from $234 on Monday.