HANOI- Base metals prices were largely higher on Thursday amid a softer dollar, but gains were minimal as market participants awaited more cues on potential US tariff policies.
Three-month copper on the London Metal Exchange (LME) rose 0.4 percent to $9,121.50 per metric ton while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) advanced 0.1 percent to 74,470 yuan ($10,284.78) a ton.
A softer dollar index on Thursday made greenback-priced metals cheaper to holders of other currencies, but the price gains were muted amid worries that physical metals demand would be hurt by US President-elect Donald Trump’s tariff policies.
A Reuters poll of economists showed the United States could impose nearly 40 percent tariffs on imports from China early next year, potentially slicing growth in the world’s second-biggest economy by up to 1 percentage point.
“As markets await news from the Trump administration regarding potential tariffs on China next year, liquidity will likely remain subdued into the year-end,” said Sucden Financial analyst Daria Efanova in a note. LME nickel increased 0.7 percent to $16,010 a ton, zinc edged up 0.2 percent at $2,992, tin was up 0.6 percent at $29,185 while aluminum eased 0.3 percent to $2,637.50 and lead declined 0.1 percent to $2,019.
