SHANGHAI, Feb 11 (Reuters) - London aluminium was rangebound near its three-week high on Tuesday as investors weighed risks of a major global trade war after U.S. President Donald Trump imposed new 25% tariffs on all steel and aluminium imports.

Three-month aluminium CMAL3 on the London Metal Exchange $(LME.UK)$ edged down 0.3% to $2,650.50 a metric ton by 0148 GMT, hovering near its three-week high of $2,662.50 hit on Monday.

Trump substantially raised tariffs on steel and aluminium imports on Monday to a flat 25% "without exceptions or exemptions" in a move to aid the struggling industries.

Later, however, he agreed to consider exempting Australia from the tariffs, noting that Australia was one of the few countries with which the U.S. had a trade surplus, following a phone call with Prime Minister Anthony Albanese.

"We expect any tariff will lead to higher prices for U.S. manufacturers. This would most likely be in form of higher U.S. Midwest premiums rather than a sustained uplift in the LME price," ANZ Research said in a note.

The U.S. is highly dependent on imported aluminium, mostly from Canada. Prices of primary aluminium in the U.S. are based on the LME benchmark plus the Midwest premium AUPH25, which has been elevated in recent months and was last up 10% to $0.305 a lb, its highest since July 2022.

The tariffs will also shift trade patterns, with more Canadian aluminium going to Europe and the U.S. increasing purchases from the Middle East, ANZ Research added.

LME benchmark copper CMCU3 fell 0.4% to $9,412, zinc CMZN3 dipped 0.1% to $2,842, tin CMSN3 was down 0.3% to $31,055, lead CMPB3 slipped 0.2% to $1,996, and nickel CMNI3 was down 0.2% at $15,495.

The aluminium contract on the Shanghai Futures Exchange (SHFE) SAFcv1 rose 0.7% to 20,655 yuan ($2,826.59) a ton, its highest level since early December 2024.

SHFE copper SCFcv1 dipped 0.2% to 77,220 yuan, nickel SNIcv1 lost 1.7% to 124,810 yuan, zinc SZNcv1 slid 0.5% to 23,735 yuan, lead SPBcv1 gained 0.1% to 17,185 yuan and tin SSNcv1 was down 1% to 256,670 yuan.

($1 = 7.3074 Chinese yuan renminbi)

(Reporting by Violet Li and Mei Mei Chu;Additional reporting by Polina Devitt; Editing by Varun H K)

((Violet.Li@thomsonreuters.com;))

      
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