Shanghai base metals fall as US set to impose 104% tariffs on China

SHANGHAI, April 9 (Reuters) - Base metal prices in China fell on Wednesday, with copper hitting an eight-month low, as the looming 104% U.S. import tariff on Chinese goods heightened concerns about slowing growth.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) dropped 1.8% to 72,100 yuan ($9,824.49) per metric ton as of 0133 GMT, hovering near its lowest level since August 12, 2024.

The benchmark three-month copper CMCU3 on the London Metal Exchange (LME) was down 1.0% to $8,572 per metric ton.

U.S. President Donald Trump said on Tuesday that 104% tariffs on imports from China will take effect from 0401 GMT on Wednesday, even as the Trump administration moved to quickly start talks with other trading partners targeted by a sweeping tariff plan.

Top metals consumer China hit back last Friday with additional 34% tariffs on all U.S. goods from April 10, after Trump imposed a 34% tariff on most Chinese goods as part of his sweeping reciprocal tariff program.

"Due to Trump's unpredictable tariffs, copper prices might decrease further, yet the current price below 75,000 yuan still encourages some fabricators to procure," a base metals trader said.

SHFE aluminium SAFcv1 slid 1.8% to 19,410 yuan a ton, zinc SZNcv1 lost 2.8% to 21,945 yuan, lead SPBcv1 fell 1.1% to 16,470 yuan, while nickel SNIcv1 was down 0.3% to 118,850 yuan, tin SSNcv1 fell 4.7% to 256,400 yuan.

Among other metals, LME aluminium CMAL3 lost 0.4% to $2,340 a ton, zincCMZN3 lost 0.4% to $2,553, lead CMPB3 lost 0.5% to $1,861, zinc lost 0.4% to $2,553, tin CMSN3 was down 2.6% at $31,745 and nickel CMNI3 was up 0.9% at $14,300 a ton.

($1 = 7.3388 yuan)

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