LONDON – Copper prices scaled three-week peaks on Wednesday as worries about global trade tensions eased after US President Donald Trump suggested import tariffs on top consumer China could fall.
Benchmark copper on the London Metal Exchange (LME) was up 0.1 percent at $9,379 a metric ton, having reached an earlier peak of $9,481.5, the highest since April 3. It has gained more than 15 percent since hitting a 17-month low at $8,105 earlier this month.
Both Trump and US Treasury Secretary Scott Bessent have separately suggested there could be a de-escalation in US- China trade tensions and that any trade deal with China could “substantially” cut tariffs.
“The market isn’t looking at fundamentals. It’s just reacting to what Trump and other US officials are saying,” a copper trader said, adding that an easing of Trump’s rhetoric against Federal Reserve Chair Jerome Powell was also helping sentiment.
Trump backed off from threats to fire Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates.
“In view of the fundamental situation, we remain cautious about the further upward potential of the copper price,” Commerzbank said in a note.
