MARKET OVERVIEW - Base metals decline as Trump denies news of tariff relief

Forex - Base metal prices fell after the elected U.S. President Donald Trump denied reports that his trade tariffs would be eased. Three-month copper on the London Metal Exchange (LME) declined 0.2% to $8,981 per ton at 06:44 GMT. Traders evaluated whether Trump's trade tariffs would be less aggressive than promised, while the U.S. dollar hovered near a one-week low. The dollar slipped following reports that Trump's team was considering selective tariffs focused on sectors deemed critical to national or economic security. However, Trump's rejection of these scaled-back tariff plans on social media triggered a rebound in the dollar. The dollar index was down slightly at 108.25, compared to a two-year high of 109.25 recorded on January 2, at 06:44 GMT. One trader noted, "Our focus is currently on the strength of the dollar. Metals tend to move together these days." In the Shanghai Futures Exchange (SHFE), the February copper contract rose by 0.7% to 74,200 yuan per ton ($10,124.99) by the end of Asian morning trading. On the LME, aluminum remained virtually unchanged at $2,490 per ton, nickel fell 0.1% to $15,165 per ton, zinc decreased 0.6% to $2,885 per ton, tin dropped 0.1% to $29,255 per ton, and lead was down 0.4% to $1,938.5 per ton.