LME base metals fell across the board, with LME copper dropping over 2%.

On Thursday, April 3, base metals on the London Metal Exchange (LME) fell across the board, with LME copper dropping more than 2% at one point, as concerns over global metal demand were triggered by the US imposing "reciprocal tariffs." At 16:40 Beijing time, the three-month benchmark LME copper contract was quoted at $9,543.5 per mt, down 1.62%. Earlier in the day, the contract had touched $9,485, the lowest level since March 11. Xinhua News Agency reported from Washington on April 2 that US President Trump signed an executive order on so-called "reciprocal tariffs" at the White House on the 2nd, announcing that the US would impose a 10% "minimum benchmark tariff" on trading partners and levy higher tariffs on some trading partners. "Reciprocal tariffs" may exacerbate inflation and hinder economic growth in the US and globally. A base metal trader said, "Reciprocal tariffs have caused shocks to the futures and stock markets. People are on edge, worried that other countries will impose retaliatory tariffs. Most importantly, the shadow of escalating trade conflicts is having a dominant impact on the market." Among other metals, LME aluminum fell 0.42% to $2,480 per mt; lead dropped 0.69% to $1,956; zinc declined 1.55% to $2,737.5; tin decreased 3.22% to $36,700; and nickel fell 0.31% to $15,915 per mt. SHFE copper fell 1.3% to 78,860 yuan per mt; SHFE aluminum dropped 0.1% to 20,420 yuan; SHFE zinc declined 0.9% to 23,155 yuan; SHFE lead fell 1.4% to 17,100 yuan; SHFE nickel decreased 1.6% to 127,330 yuan; and SHFE tin dropped 2.0% to 287,790 yuan.

SMM

LME base metals fell across the board, with LME copper dropping over 2%.

Concerns over demand increased, SHFE copper continued to weaken [SHFE Market Closing Review on April 3]

The Implementation of Reciprocal Tariffs Led to a Broad Decline in Nonferrous Metals [Institutional Commentary]