Copper prices rose on Friday and headed for modest weekly gains, as potential US tariff talks with top consumer China eased trade concerns.
Three-month copper on the London Metal Exchange was up 2% to $9,389 per metric ton, as of 0438 GMT.
It has gained 0.1% this week. “Copper edged higher amid signs of progress on trade deals between the US and other nations,” said ANZ.
The United States has approached China to seek talks over President Donald Trump’s 145% tariffs and Beijing’s door is open for discussions, China’s Commerce Ministry said, signalling a potential de-escalation in the trade war.
Trump said on Wednesday he believed there was a “very good chance” his administration could do a deal with China.
Still, US manufacturing contracted further in April while tariffs on imported goods were straining supply chains, data showed on Thursday.
Moreover, the US economy contracted for the first time in three years in the first quarter, swamped by a flood of imports as businesses raced to avoid higher costs from tariffs.
While Chinese policymakers have the ability to accelerate the rollout of stimulus to help offset the weakness of export-driven demand, this may do little to shield copper from the broader impact of weaker economic growth globally, ANZ added.
Copper rallies to one-month peak on signs of improving demand
In other London metals, aluminium added 0.4% to $2,425.5 a ton, zinc rose 1.5% to $2,616.5, lead gained 0.8% to $1,967, tin advanced 2.2% to $30,430 and nickel inched up 0.1% to $15,265 a ton.
China’s financial markets are closed from May 1-5 for a public holiday.
Trading will resume on Tuesday, May 6.
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