Base metal prices remained rangebound over the past week with the market risk-off ahead of
potential US tariffs, geopolitical uncertainty and the upcoming Chinese parliamentary meeting, RBC Capital Markets said in a note dated March 3.
RBC's statement comes as the U.S. implements a 25% tariff on Canada, with 10% on Canadian energy. The U.S. is also imposing a 25% tariff on Mexico and an incremental 10% tariff on China on Tuesday.
However, RBC could see any or all of those tariffs delayed or resized.
In RBC's view, the key risk to copper markets is the planned implementation of the tariff on China as it could ramp up the potential for retaliatory measures.
RBC said the other potential market mover this week is China's Two Sessions parliamentary meeting, where new stimulus measures and an economic growth roadmap could be announced.
On metals, RBC noted base metal prices bias was slightly lower, while iron ore prices were correcting while met coal stuck in a range.
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