Copper prices in Shanghai rose on Friday as a possible end to the tit-for-tat tariff hikes between the US and China came into view after US President Donald Trump expressed optimism over a potential deal.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 0.3% to 76,040 yuan ($10,421.58) per metric ton as of 0355 GMT.
The London Metal Exchange is closed for the Good Friday holiday.
On Thursday, Trump signalled he does not intend to go higher on tariffs on Chinese imports.
The US has been hiking rates on Chinese imports in response to Beijing’s counter-measures, with the latest White House fact sheet stating that China now faces up to 245% tariff.
Last week, China said it “will not respond” to a “numbers game with tariffs,” hinting that across-the-board rates won’t rise further. Trump said China had been in touch since the imposition of tariffs and expressed optimism that a deal could be reached.
Meanwhile, China’s central bank pumped 250.5 billion yuan via 7-day reverse repurchase agreements at 1.5%.
Copper rallies to one-month peak on signs of improving demand
The country’s refined copper production in March rose 8.6% year-on-year to 1.25 million metric tons, data from the country’s National Bureau of Statistics showed.
SHFE aluminium gained 0.2% to 19,670 yuan a ton, zinc rose 0.4% to 22,055 yuan, nickel eased 0.1% to 125,530 yuan, lead gained 1% to 16,890 yuan, and tin fell 0.3% at 256,040 yuan.
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