London copper prices edged higher on Thursday, buoyed by upbeat market sentiment after a US federal court blocked President Donald Trump’s “Liberation Day” tariffs from going into effect, although a stronger dollar kept gains in check.
Three-month copper on the London Metal Exchange rose 0.2 percent to $9,585 per metric ton.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was little changed at 77,990 yuan ($10,833.60) per ton.
Base metals are up slightly after a US trade court ruled that the bulk of Trump’s tariffs are illegal under existing trade law, but the real action seems to be taking place in the US equity markets, Marex consultant Edward Meir said in a note.
A US trade court on Wednesday blocked Trump’s tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
This boosted risk sentiment in the wider financial markets, while also triggering a surge in the US dollar index, which rose to its highest level in more than a week.
A stronger greenback makes dollar-denominated assets more expensive to holders of other currencies.
Chile’s state copper commission Cochilco raised its average copper price forecast for this year and next on Wednesday, citing an improved global outlook following a pause in the tariff war between the United States and China.
