SHANGHAI, Feb 17 (Reuters) - Copper prices hovered around more than three-month highs on Monday, after U.S. President Donald Trump announced plans for reciprocal tariffs, which will not be immediately implemented.
Three-month copper on the London Metal Exchange CMCU3 steadied on Monday, edging up 0.1% to $9,481.5 a ton by 0127 GMT, its highest since November 8.
Shanghai Futures Exchange copper SCFcv1 slid 0.7% to 77,270 yuan ($10,659.70), also its highest in more than three months.
Short-covering on the London Metal Exchange $(LME.UK)$ ahead of the expiry of contracts amid expectations that U.S. tariffs will be imposed on copper triggered a sharp move in a key spread last week.
Worries that Trump may impose tariffs on copper had spurred traders and investors to buy copper on the U.S. COMEX exchange HGc4 and sell on the LME CMCU3.
Meanwhile. the premium for U.S. Comex copper futures HGc2 over the LME contract rocketed to a record high last week.
"Extreme dislocations emerged on Friday, with a record gap between US and global prices. Copper on New York's Comex spiked, with the premium over those on the London Metal Exchange reaching as high as USD1,200/t during the session. This was more than 10% of the benchmark LME price." ANZ Research said.
Trump's plans to impose reciprocal tariffs on every country taxing U.S. imports have stoked concerns of a major global trade war.
Trump threatened duties on copper without providing further details.
Three-month aluminium CMAL3 on the LME was down 0.1% to $2,636 a ton.
Zinc CMZN3 was down 0.1% to $2,838.5, tin CMSN3 was down 1.0% at $32,235, lead CMPB3 added 0.2% to $1,987.5 and nickel CMNI3 edged 0.2% lower to $15,445.
SHFE aluminium SAFcv1 rose 0.1% to 20,665 yuan a ton, SHFE copper SCFcv1 slid 0.7% to 77,270 yuan, nickel SNIcv1 was down 0.4% to 123,640 yuan, zinc SZNcv1 slid 1.0% to 23,680 yuan, lead SPBcv1 was flat at 17,170 yuan and tin SSNcv1 was up 0.2% to 261,540 yuan.
($1 = 7.2488 Chinese yuan renminbi)
(Reporting by Violet Li and Mei Mei Chu; Editing by Rashmi Aich)
((Violet.Li@thomsonreuters.com;))
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