SINGAPORE — London copper prices saw marginal easing on Tuesday, with the market closely watching the progress made in the ongoing trade talks between the world’s two largest economies in London.
The three-month copper on the London Metal Exchange shed 0.3 percent to $9,761.5 per metric ton, while the most-traded copper contract on the Shanghai Futures Exchange gained 0.6 percent to 79,160 yuan a ton ($11,024.76).
The US-China trade talks are set to run into a second day on Tuesday, as Washington and Beijing aim to ease a bitter dispute that has widened from tariffs to rare earth curbs, threatening a global supply chain shock and economic slowdown.
“The Trump administration is prepared to remove a recent spate of measures targeting ship design software, jet engine parts, chemicals and nuclear materials. The apparent cooling of trade brinkmanship sparked optimism across markets. This helped offset concerns that the trade war is taking a heavy toll on economic activity,” ANZ said.
Copper stocks in LME-registered warehouses fell 10,000 tons on Monday to 122,400 tons, suggesting that the shipment to the US has been continuing amid the potential threat of US tariffs on copper imports.
