analysts expect continued volatility amid persistent uncertainty over trade tariffs and underlying market fundamentals.
Three-month copper on the London Metal Exchange gained 0.2 percent to $9,663.5 per metric ton, while the most-traded copper contract on the Shanghai Futures Exchange lost 0.7 percent to 78,660 yuan ($10,935.94) a ton.
The US dollar slid after data showed inflation in the world’s largest economy rose less than expected in May, suggesting that the Federal Reserve could resume cutting interest rates sooner rather than later.
A weaker dollar typically supports metal prices by making them more attractive to buyers using other currencies.
“The US-China trade deal induced a muted response from the metal markets,” ANZ said.
On Wednesday, US President Donald Trump said he was “very happy” with a trade deal that restores a fragile trade truce with China, removing Beijing’s export curbs on rare earths and allowing Chinese students access to US universities.
While the trade deal eased copper market concerns, uncertainties continue to linger, SHMET, a Shanghai-based commodity research house, said, adding that inventories in LME warehouses are down while China’s domestic copper stocks are up.
Rising inventories can point to softening demand.
