Aluminum Prices Rising Amid Introduction of US Metal Import Tariffs

MOSCOW (Sputnik) – Prices for aluminum have continued to grow in the early hours of Friday, while prices for copper have been falling since the United States announced that it would introduce tariffs on imports of steel and aluminum from three of its biggest trade partners, stock market data showed.

As of 05:48 GMT, open-end aluminum futures contracts on the London Metal Exchange (LME) rose by 0.49 percent to $2,302.75. The price of July copper futures on the Comex exchange fell by 0.1 percent to $3.062 per pound.

London’s stocks closed on Thursday with the price of one ton of copper for delivery in three months having increased by 0.18 percent to $6.852 per ton; the price for aluminum increased by 0.97 percent to $2,292, and zinc price dropped by 0.96 percent to $3,100 per ton.

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On Thursday, Washington announced it would impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports on the European Union, Mexico and Canada beginning from midnight (04:00 GMT) on Friday.

According to the Wall Street Journal daily, traders were betting that the new tariffs imposed by the United States would result in increased domestic prices. However, the disruption to trade could pressure international markets, the outlet reported, citing analysts.

US President Donald Trump initially voiced his plans to introduce duties on aluminum and steel tariffs in March, prompting criticism from trade organizations inside and outside the United States, as well as threats of backlash from its allies and trade partners.

Since his presidential campaign in 2016, Trump has been criticizing the existing US trade deals with foreign states, promising to implement measures to diminish the nation's trade deficit with them.