1717 GMT - Base metal prices fall, with LME three-month copper down 0.6% at $9,357 a metric ton and LME three-month aluminum down 1% at $2,604 a ton. Base metals have been pressured lower as the U.S. dollar gained on renewed tariff concerns. President Trump's administration has initiated a Section 232 copper investigation to address worries over U.S. import dependency, Goldman Sachs analysts say in a note. This is expected to result in import tariffs on copper in all forms and export controls on copper scrap and concentrate to China, and will likely be implemented within 9 months, Goldman says. A 25% tariff is the most likely outcome and will fully pass through into U.S. domestic copper prices, Goldman writes. The effect on LME copper prices will likely be limited, as trade flows adjust, rather than disrupt global supply, analysts add. (joseph.hoppe@wsj.com)
(END) Dow Jones Newswires
February 28, 2025 12:17 ET (17:17 GMT)
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