LONDON. – Copper rose to its highest in more than two weeks on Friday as investors hoped that US-Sino trade talks would result in a partial deal at least.
Zinc climbed to its strongest in more than two months on worries about shortages after a shutdown of a production facility in Namibia.
US President Donald Trump said on Friday “good things” were happening in the first trade talks in more than two months, while a Chinese state newspaper said a “partial” trade deal would benefit China and the United States.
“Until we get a definitive outcome, metals prices will drift, but I would expect to see quite a positive response (to any good news). A lot of bad news is priced into the market,” said Caroline Bain, chief commodities economist at Capital Economics in London.
“It’s very much half-empty sentiment currently.”
The 15-month trade dispute between the United States and China has slowed global growth and dimmed the demand outlook for base metals.
US President Donald Trump said his plans to meet China’s Vice Premier Liu He at the White House on Friday was a good sign.
Three-month copper on the London Metal Exchange added 0.2 percent to $5,795 a ton in final open-outcry trading after touching its highest since Sept. 24 at $5,814. It had risen 1.7 percent in the previous session, its strongest advance in nearly four weeks. – Reuters