EUROPEAN MORNING BRIEF 06/04: Base metals prices weaken after Trump proposes further tariffs; SHFE stocks report; USW says Canada import probe not strong enough

Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Friday April 6.

Base metals prices on the London Metal Exchange were mostly lower during Asian morning trading on Friday after United States President Donald Trump said he has instructed his administration to consider $100 billion in additional tariffs against China.

The LME three-month copper price was at $6,754 per tonne as of 03.18am London time, down by $62 per tonne from Thursday’s closing price. A total of 446 lots of the contract have traded so far.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.18am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,754 -62
Aluminium 2,004 -5
Lead 2,376 -5
Zinc 3,228 -9
Tin 21,050 0
Nickel 13,185 -140

Shanghai Futures Exchange-bonded warehouses were mostly lower this week, except for copper and lead.

Century Aluminum’s plan to restart its aluminium smelter in Hawesville, in the US state of Kentucky, still makes sense even with the recent pullback in London Metal Exchange prices and the US Midwest premium, according to analysts with equity research firm Cowen & Co.

The Canadian government’s plans to pursue anti-circumvention investigations into steel and aluminium imports do not go far enough to address the problem, the United Steelworkers union (USW) said.

Pressure is mounting in the US copper scrap market
, with sustained aggressive offshore demand keeping the heat on domestic consumers and sending discounts further inward.