SHANGHAI: Copper prices climbed to three-month highs on Friday, helped by supply tightness and on expectation that U.S. President Donald Trump’s plans for reciprocal global tariffs would not come into effect until April.
Three-month copper on the London Metal Exchange rose 0.8% to $9,559 a metric ton by 0440 GMT, hitting its highest since November 8, 2024.
The most-active copper contract on the Shanghai Futures Exchange gained 0.9% to 78,080 yuan ($10,719.97) a ton, the highest since November 6, 2024.
The premium for U.S. Comex copper futures over the LME contract rocketed to a record high earlier this week.
Treatment charges, the fees miners pay to smelters for converting raw materials into metal, have been declining, indicating a material shortage.
US tariff uncertainty keeps aluminium, copper in tight range
The Fastmarkets copper TC/RC index hit record lows at minus $12.50 per ton and minus 1.25 cents per lb on Wednesday, compared to plus $20 a year ago.
“The metal continues to shrug off the uncertain economic backdrop, driven by US tariffs and China’s sluggish property sector,” ANZ Research said in a note.
“China’s retail sales and industrial production are up, and its manufacturing… back in the expansion zone, bolstered by government growth initiatives.”
Trump’s plans to impose reciprocal tariffs on every country taxing U.S. imports have stoked concerns of a major global trade war.
Trump on Thursday ordered commerce and economics officials to study reciprocal tariffs against countries that place tariffs on U.S. goods and to return their recommendations by April 1.
Three-month aluminium on the LME was up 0.6% to $2,620 a ton.
Zinc was up 1.1% to $2,877.5, tin was up 0.7% at $32,195, lead added 0.2% to $1,992 and nickel edged 0.9% higher to $15,515.
SHFE aluminium rose 0.6% to 20,675 yuan a ton, SHFE copper rose 0.9% to 78,080 yuan, nickel was up 0.4% to 124,810 yuan, zinc climbed 1.1% to 24,070 yuan, lead added 0.2% to 17,170 yuan and tin was up 1.3% to 262,590 yuan.
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