May 30 – Industrial metals fell on Friday as the dollar strengthened and market optimism faded following a court ruling that reinstated the broadest tariffs imposed by U.S. President Donald Trump.
Three-month copper on the London Metal Exchange was down 0.2% at $9,550 per metric ton, as of 0240 GMT.
The red metal, used in power and construction, has still gained 4.6% so far this month, and is set for its best month since September 2024.
The most-traded copper contract on the Shanghai Futures Exchange shed 0.4% to 77,680 yuan per ton.
LME aluminium fell 0.4% to $2,441 a ton, zinc slipped 0.7% to $2,656, lead dipped 0.4% to $1,954 and nickel fell 0.4% to $15,310. Tin dropped 1.1% to $30,855.
“Market rose yesterday due to optimism that the court was able to block Trump tariffs, but the rally faded late as the appeals court suspended that verdict,” a metals trader in Singapore said.
A federal appeals court temporarily reinstated the most sweeping of Trump’s tariffs on Thursday, a day after a U.S. trade court ruled that the president had exceeded his authority in imposing the duties and ordered an immediate block on them.
Stocks slipped in Asia as investors digested the court’s move to keep Trump’s tariffs in effect.
Meanwhile, the dollar index rose 0.2% against its rivals, maing dollar-denominated assets more expensive to holders of other currencies.
Investors await the April U.S. personal consumption expenditures price index report — the Federal Reserve’s preferred inflation gauge — due later in the day, which could provide further insight into the central bank’s policy direction.
SHFE aluminium slipped 0.4% to 20,060 yuan a ton, lead dropped 1% to 16,585 yuan, nickel rose 1% to 120,960 yuan, while zinc lost 0.7% to 22,200 yuan and tin fell 2.5% to 251,310 yuan.
This article was generated from an automated news agency feed without modifications to text.
