METALS-Copper retreats from five-month high; market focus on potential Trump tariff

SHANGHAI, March 19 (Reuters) - Copper prices on the London Metals Exchange (LME) retreated from a five-month high on Wednesday, with markets watching out for potential U.S. tariffs on copper. Benchmark three-month copper CMCU3 on the LME slid from a five-month high and fell 0.1% to $9,894.5 a metric ton as of 0214 GMT. U.S. President Donald Trump had previously ordered a probe into possible new tariffs on copper, inflating the premium of Comex copper over the LME contract, which was at a record high of $1,192 a ton on Tuesday. "Trump's potential tariff on copper is what we are watching closely now and the premium of Comex copper over LME copper continues to broaden, with the market speculating about a potential 25% tariff on copper by Trump," a trader said. Meanwhile, the head of Russian metals and mining giant Nornickel GMKN.MM , Vladimir Potanin, said on Tuesday that he expects updates on a Chinese copper-producing joint venture in the coming months. Nornickel is in talks for a joint venture in China, with potential investments in early financial plans for 2025-2026. LME aluminium CMAL3 fell 0.2% to $2,649.5 a ton, lead CMPB3 slid 0.1% to $2,093, zinc lost 0.4% to $2,952 and tin CMSN3 shed 0.1% to $35,190. Nickel CMNI3 gained 0.5% to $16,325. SHFE copper SCFcv1 climbed 0.4% to 80,660 yuan a ton, SHFE aluminium SAFcv1 dropped 0.9% to 20,640 yuan a ton, zinc SZNcv1 slid 0.4% to 23,855 yuan, lead SPBcv1 lost 0.1% to 17,615 yuan and nickel SNIcv1 lost 0.2% to 130,520 yuan. Tin SSNcv1 added 0.1% to 280,830 yuan. (Reporting by Violet Li and Mei Mei Chu; Editing by Sumana Nandy) ((Violet.Li@thomsonreuters.com;)) (( 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 ))