Copper prices in London rose to a more than one-week high on Monday, as a softer dollar and easing fears of a trade war between the United States and top metals consumer China, boosted market sentiment.
Benchmark three-month copper on the London Metal Exchange (LME) was up 0.5 percent at $9,199 a metric ton, as of 0213 GMT.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 1.9 percent to 76,190 yuan ($10,434.84) per ton.
The dollar index fell 0.6 percent against its rivals. A softer dollar makes greenback-priced commodities cheaper for buyers using other currencies.
The White House announced the exclusions from steep reciprocal tariffs on Friday. However, US President Donald Trump bore down on Sunday on his administration’s latest message that the exclusion of smartphones and computers from his reciprocal tariffs on China will be short-lived.
Last week, Beijing increased its tariffs on US imports to 125 percent on Friday, hitting back against Trump’s decision to hike duties on Chinese goods effectively to 145 percent.
Premier Li Qiang according to state media last week said that China needs to implement more proactive macroeconomic policies and roll them out in a timely manner as “external shocks” have put pressures to China’s economic stabilisation.
Investors are eagerly awaiting additional stimulus measures from China to mitigate the impact of Trump’s tariffs.
SHFE aluminium added 0.5 percent to 19,715 yuan a ton, zinc added 0.4 percent to 22,440 yuan, lead gained 0.7 percent to 16,895 yuan, nickel was up 1.6 percent at 122,860 yuan, tin advanced 2.6 percent to 260,640 yuan.
