* Trump mulls 25% duties on imports from Canada, Mexico on Feb. 1 * Wants to reverse the US trade deficit with the EU * Trump says not ready for universal tariff on all US imports (Updates prices, adds graphic) By Polina Devitt LONDON, Jan 21 (Reuters) - Aluminium prices fell on Tuesday as the risk of possible trade wars hurting current trade flows resurfaced after President Donald Trump suggested the United States could impose a 25% tariff on imports from Canada and Mexico from Feb. 1. Three-month aluminium CMAL3 on the London Metal Exchange (LME) lost 1.5% to $2,653.32 a metric ton by 1700 GMT, while copper CMCU3 was up 0.1% at $9,281. Copper and aluminium hit their highest since Dec. 11 and Nov. 25, respectively, on Monday as Trump in his inauguration address neither immediately imposed import tariffs nor targeted trade with top metals consumer China. The relief, however, was short-lived as Trump later said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1. He also said that he wanted to reverse the U.S. trade deficit with the European Union. "With Trump back in the White House, the downside risks have increased for industrial metals and potential U.S. tariffs and a stronger dollar are likely to weigh on demand," said Ewa Manthey, a commodities analyst at ING. A stronger U.S. currency makes dollar-priced metals more expensive for other currency holders. FRX/ As Canada is a major supplier of aluminium to the U.S., this metal is likely to be the most impacted by tariffs on Canadian imports, if they are imposed, and would result in higher aluminium prices in the U.S., Manthey added. LME zinc CMZN3 slid 1.6% to $2,917, while lead CMPB3 lost 0.7% to $1,971.50. Both zinc and lead markets were in a small deficit in January-November, according a global industry group. Tin CMSN3 shed 0.3% to $30,240, while nickel CMNI3 fell 0.1% to $16,067.50. Nickel prices fell by 8% last year after a 45% slump in 2023 due to rising output in Indonesia. Indonesia said on Tuesday it would require exporters to hold all proceeds onshore for at least a year to support the local currency. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ U.S. metals imports from Canada and Mexico https://tmsnrt.rs/3WuR5tp ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting Polina Devitt in London; Additional reporting by Violet Li; Editing by Janane Venkatraman, Shounak Dasgupta and Shailesh Kuber) ((polina.devitt@thomsonreuters.com; Reuters Messaging: polina.devitt.thomsonreuters.com@reuters.net)) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))