Nov 26 - Prices of base metals were largely down on Tuesday, weighed by a stronger dollar and U.S. President-elect Donald Trump's pledge to levy more tariffs on Chinese products.
Three-month copper on the London Metal Exchange fell 0.5% to $9,000 per metric ton by 0216 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange eased 0.2% to 73,810 yuan a ton.
On Monday, Trump pledged an additional 10% tariff on goods from China and a 25% tariff on all products from Mexico and Canada from his first day in office.
China accounts for around half of the world's metals consumption and manufactures most of the world's goods.
Trump's proposed tariffs will likely hurt economic growth and disrupt trade flows, which could eventually dampen metals consumption.
The tariffs plan also pushed the dollar higher against major currencies, making greenback-priced metals more expensive to holders of other currencies.
However, supporting copper price is China's peak demand season in November and December, evidenced by falling SHFE inventories and improving imports premium.
Yangshan copper premium
The LME cash copper contract was trading at a discount of $113 a ton to the three-month contract
LME aluminium fell 0.8% to $2,630.50 a ton, nickel declined 0.5% to $16,125, zinc decreased 0.2% to $3,014.50, lead was down 0.7% at $2,014.50 and tin shed 0.5% to $28,840.
SHFE aluminium rose 0.1% to 20,550 yuan a ton, nickel climbed 0.8% to 128,140 yuan, zinc climbed 1.2% to 25,100 yuan, lead was nearly flat at 17,160 yuan and tin fell 0.1% to 242,430 yuan.
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This article was generated from an automated news agency feed without modifications to text.
