Copper rises as China says it’s weighing trade talks with U.S.

13 hours ago 2
Copper stockpiles have plunged in Shanghai, and on Friday, readily available inventories on the London Metal Exchange also fell after a large order for metal stored in Taiwan.Copper stockpiles have plunged in Shanghai, and on Friday, readily available inventories on the London Metal Exchange also fell after a large order for metal stored in Taiwan. Photo by Bartek Sadowski/Bloomberg/Postmedia files

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Financial Post

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China said it is assessing the possibility of trade talks with the U.S., the first sign since President Donald Trump hiked tariffs last month that negotiations could begin between the two sides. Beijing is also considering ways to address the Trump administration’s complaints over China’s role in the fentanyl trade, the Wall Street Journal reported, citing people familiar with the matter.

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Base metals have been battered by Trump’s steep tariffs on China, which threaten to undercut economic growth and curb demand for commodities.

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But after an initial selloff in early April, copper prices have been bolstered by signs of strong demand in China and tightening supplies in the global market. Copper stockpiles have plunged in Shanghai, and on Friday, readily available inventories on the London Metal Exchange also fell after a large order for metal stored in Taiwan.

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Copper rose 1.7 per cent to settle at US$9,365.5 a ton on the LME at 5:52 p.m. local time. All other LME metals except lead gained. Chinese markets were closed for a public holiday.

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—With assistance from Katharine Gemmell and Mark Burton.

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