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LME Copper climbed to a two-week high yesterday after reopening from the long Easter weekend.
Trump’s comments suggest room for de-escalation on the trade front
“Dollar weakness seen in recent days is providing some support. Meanwhile, comments from Trump suggesting a reduction in China tariffs leave room for de-escalation on the trade front. Copper smelters in China boosted output to a record high in March.”
“This is despite record-low processing fees, partly driven by rising prices for by-products including gold and sulphuric acid. Production of refined Copper rose 8.6% in March from a year earlier to 1.25 million tonnes, according to China’s National Bureau of Statistics. In the first quarter, China’s total output of refined Copper was 3.54 million tonnes, up 5% from 2024.”