Copper on the London Metal Exchange and the Shanghai Futures Exchange eased, as traders held back ahead of an August 1 deadline when trade duties, including a 50% metal import tariff, are set to start between the U.S and its trading partners.

Three-month copper on the LME was down 0.1% at $9,867.5 a ton, as of 0101 GMT on Friday. Still, the contract has climbed 0.92% so far this week and is poised for a second weekly gain.

The most-traded copper contract on SHFE receded 0.69% to 79,290 yuan ($11,083.16) a ton, but might end the week on a positive note with a 1.16% climb so far.

“Market is just quietly waiting for August 1 when all the trade tariffs and U.S. copper import tariffs are supposed to roll out, and some missing details may be available by then,” a Beijing-based metals analyst at a futures company said.

The European Commission said on Thursday a negotiated trade solution with the United States is within reach – while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.S. goods in case the talks collapse, and the U.S. President Donald Trump would impose 30% tariffs on EU on August 1.

China’s Vice Premier He Lifeng will visit Sweden from July 27-30 for a new round of economic and trade talks with U.S. officials, when the deadline on August 12 between the two countries may be extended.

The premium of COMEX over LME copper stabilised at 29% on Thursday, remaining below the 50% import tariff planned by Trump as the market awaited confirmation of the August 1 deadline and a list of the copper products to which the levy would apply.

LME zinc fell 0.25% to $2,836.5 a ton, nickel edged 0.06% lower to $15,455, while aluminium edged 0.06% higher to $2,648.5, and tin climbed 0.16% to $34,680.

SHFE tin fell nearly 1% to 271,210 yuan a ton, nickel dropped 0.71% to 123,160 yuan, zinc ebbed 0.7% to 22,820 yuan, while aluminium edged up 0.05% to 20,745 yuan.

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Source: Reuters