London copper prices were largely unchanged on Monday, with the market keeping an eye on the US-China trade talks to be held in London later in the day.
The US dollar held steady against all major currencies on Monday, as exuberance over an upbeat US employment report gave way to caution ahead of the talks between the world’s largest economies.
On Monday, three of US President Donald Trump’s top aides will meet with their Chinese counterparts in London to resolve a trade dispute that has kept global markets on edge.
The three-month copper contract on the LME traded up $2 at $9,695 per metric ton. The most-traded copper contract on the Shanghai Futures Exchange, ticked down 0.2 percent to 78,630 yuan a ton ($10,939.67).
As for demand, though, Yangshan copper premium, a gauge of China’s appetite to import copper, fell to $41 a ton last Friday, a three-month low. It peaked to $103 in early May, the highest since mid-December 2023.
Among other London metals, LME aluminum rose 0.2 percent to $2,456.5 a ton, lead gained 0.2 percent to $1,982, and zinc rose 0.2 percent to $2,670.
Among other SHFE metals, nickel was up 0.3 percent to 122,460 yuan, and lead gained 0.3 percent to 16,730 yuan, while zinc fell 0.3 percent to 22,250 yuan.
