Shanghai copper hits 1-month high; zinc surges

BEIJING: Shanghai copper prices rose sharply on Wednesday, tracking a jump in London in the previous session and hitting a one-month high, while zinc climbed more than 3 percent, as investors shrugged off an escalation in the U.S.-China trade spat.

China responded to the latest U.S. tariffs on $200 billion of Chinese goods, levied at an initial 10 percent instead of 25 percent, with tariffs on about $60 billion worth of U.S. goods, as previously planned, but has reduced the levies it will collect on the products.

"The imposition of 10 percent tariffs raised some hopes that the intensity of the trade war is easing and that upcoming negotiations may bear some fruit," ANZ wrote in a note.

"The market was also buoyed by reports that China will step up efforts to support domestic demand," it added.