SHANGHAI – Copper prices edged higher on Tuesday as signs of US-China trade talks boosted sentiment, though lingering concerns about the broader economic impact of trade disputes limited gains.
Benchmark copper on the London Metal Exchange (LME) was up 1.2 percent to $9,479 a metric ton.
US Treasury Secretary Scott Bessent on Monday defendedPresident Donald Trump’s tariffs, emphasizing that his broader agenda, including tax cuts, would eventually lead to long-term economic growth.
Beijing is “evaluating” Washington’s offer to hold talks over Trump’s 145 percent tariffs, China’s Commerce Ministry said on Friday. It said the US approached China to seek talks and Beijing’s door was open for discussions, signalling a potential de-escalation in the trade war.
“It doesn’t seem to be a smooth journey for trade talks and investors are growing increasingly worried about potential negative effects on worldwide economic expansion and subsequent metal demand,” a trader said.
The US economy shrunkin the first quarter, for the first time in three years, amid a flood of imports to beat Trump’s tariffs, and the International Monetary Fund has forecast that US GDP will grow only 1.8 percent in 2025.
In other London metals, aluminum rose 0.8 percent to $2,450 a ton, zinc added 1.8 percent to $2,654, lead increased 0.5 percent to $1,943, tin was up 3.8 percent to $31,850 and nickel gained 1.4 percent to $15,700 a ton.
