SINGAPORE. — Shanghai copper prices edged up on Monday amid signs of progress in the US-China trade talks, but gains were limited as the markets remained cautious about the prospects of a durable deal.
The most-traded copper contract on the Shanghai Futures Exchange rose 0.2 percent to a two-week high of 47,030 yuan ($6,643.69) a ton by 0148 GMT, while three-month copper on the London Metal Exchange (LME) was almost unchanged at $5,794 a ton.
This developed as China’s copper imports in September rose 10.15 percent from a month earlier to 445,000 tons, the highest level in eight months, data from the General Administration of Customs showed on Monday.
Copper purchases by China, the world’s leading copper and aluminum consumer, include anode, refined, alloy and semi-finished copper products.
The country exported 435,000 tons of unwrought aluminum and aluminum products, including primary, alloy and semi-finished aluminum products, in September, down from August’s 466,000 tons.
US President Donald Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike on Oct. 15, but existing tariffs remain in place and officials on both sides said much more work is needed before an accord could be agreed.
The protracted trade dispute between the United States and China has slowed global growth and weakened demand for industrial metals. Signs of progress in the trade talks often resulted in a pick-up in metals prices. – Reuters