METALS-Base metals drift lower as dollar firms
BY Reuters | ECONOMIC | 01/26/25 09:35 PM ESTJan 27 (Reuters) - Most base metals eased on Monday, as the U.S. dollar firmed on U.S. tariff worries after President Donald Trump's Colombian threat, while investors looked forward to the Federal Reserve policy meeting for clues on the interest rate trajectory.
Three-month copper on the London Metal Exchange (LME) fell 0.7% to $9,214 a metric ton by 0156 GMT, after scaling its highest since Nov. 12 on Friday. The most-active copper contract on the SHFE eased 0.3% to 75,240 yuan ($10,360.07) a ton.
The dollar index was up 0.2%, makes it more expensive for holders of other currencies to buy greenback-priced commodities.
Last week, tariff concerns had eased slightly after Trump said a trade deal with China was possible. However, those fears resurfaced after Trump said on Sunday he would impose sweeping measures on Colombia, including tariffs and sanctions.
The Fed will likely hold interest rates steady when it concludes its two-day meeting on Wednesday, and resume cutting in June, according to the CME Group's FedWatch Tool.
LME aluminium eased 0.5% to $2,628.5 and SHFE aluminium was down 0.3% to 20,215 yuan a ton.
Elsewhere, the premium for aluminium shipments to Japanese buyers for January to March was set at $228 a metric ton, the highest in about 10 years, driven by supply fears amid stronger overseas premiums, five sources said.
LME tin lost 0.3% to $30,060, nickel fell 0.5% to $15,595, lead was steady at $1,938.5 and zinc fell 0.2% to $2,821.5.
SHFE zinc slid 1.2% to 23,530 yuan, lead lost 0.5% to 16,690 yuan, while tin gained 0.4% to 247,910 yuan and nickel rose 0.2% to 124,230 yuan.
For the top stories in metals, click ($1 = 7.2625 Chinese yuan) (Reporting by Anushree Mukherjee in Bengaluru; Editing by Subhranshu Sahu)