SHANGHAI – Metals in London were rangebound on Tuesday as investors tracked developments in the US-China negotiations and a bunch of US economic data.
Benchmark copper on the London Metal Exchange (LME) was flat at $9,378.5 a metric ton, as of 0340 GMT.
The US initial jobless claims and Personal Consumption Expenditures (PCE) data are due this week and could sway metal prices as they influence Federal Reserve rate decisions and economic outlook.
US President Donald Trump said progress has been made in talks with China. However, Beijing denied trade talks are occurring and US Treasury Secretary Scott Bessent failed to back Trump’s assertion about tariff talks with China.
China has exempted certain US imports from its retaliatory tariffs, in a sign that the trade war between the world’s two biggest economies may be abating. Meanwhile, the Trump administration last week signalled a willingness to de-escalate.
“The trajectory of the US-China trade dispute remains uncertain and the market is eagerly awaiting a clear signal on its future direction,” a trader said.
“If tensions escalate further, it could have far-reaching consequences, potentially triggering a global recession.”
