Copper prices on the London Metal Exchange and Shanghai Futures Exchange receded from multi-month highs on Friday, though SHFE copper notched a weekly gain, while traders looked out for potential U.S. tariffs on copper imports.

Three-month copper HG1! on the LME fell 1.06% to $9,848.5 per metric ton by 0736 GMT, and was down 0.31% on the week so far.

The most-traded copper contract HG1! on the SHFE eased 1.28% to 79,730 yuan ($11,128.17) but logged a second straight weekly gain, rising 0.54%.

“Traders might have felt a bit risky for copper prices to hover at the highest levels since late March on Friday, as fundamentals have not changed so much, China’s June copper output was reported up 11.4% on year, easing the concern about supply tightness,” a Shanghai-based metals analyst from a futures company said.

“The dollar has strengthened a bit as (the) United States may not cut interest rates soon with better-than-expected payrolls and unemployment data, the ‘big beautiful bill’ has been passed and the focus of the copper market has been back to the possible import tariffs by the U.S.,” a Beijing-based metals analyst with a futures company said.

Two analysts from China dismissed the significance of the recent rises in total copper stocks (MCUSTX-TOTAL) in LME-registered warehouses. The volume grew 3,700 tons or 4.1% in three consecutive days to July 3, after declining gradually from mid-April.

“Copper will be shipped to the U.S. from elsewhere so long as the U.S. tariff is not a done deal,” the Shanghai analyst said.

LME nickel NICKEL1! slipped 0.56% to $15,365 a ton, zinc ZNC1! lost 0.53% to $2,736, tin FTIN1! fell 0.44% to $33,700, lead eased 0.15% to $2,061, and aluminium ticked down 0.19% to $2,600.

SHFE nickel NICKEL1! gained 0.64% to 122,270 yuan a ton, zinc > rose 0.34% to 22,410 yuan, and lead LEAD1! gained 0.2% to 17,295 yuan, while tin FTIN1! fell 0.65% to 267,250 yuan, and aluminium ALI1! shed 0.24% to 20,635 yuan.
Source: Reuters