SHANGHAI – Base metals in London climbed on Thursday, supported by improved market sentiment after US President Donald Trump decided to temporarily pause the recently imposed hefty duties on several countries.
The benchmark three-month copper on the London Metal Exchange (LME) gained 3.5 percent to $8,919 per metric ton.
LME copper has tumbled 12 percent since touching $10,164.50, its highest point in more than nine months on March 26, before the escalation of trade tensions.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 3.9 percent to 75,300 yuan ($10,254.66) per metric ton, a rebound from an eight-month low hit on Wednesday.
On Wednesday, Trump announced a 90-day pause on many of his new tariffs in a stunning reversal after a days-long market rout that erased trillions of dollars from global stocks.
However, Trump further pressured China by raising tariffs on the top metals consumer to 125 percent, up from the earlier 104 percent, following Beijing’s decision to hike duties on American imports to 84 percent.
