Copper prices rose by 0.32% to settle at 860.8, driven by speculative buying amid geopolitical uncertainty. Initially, the market gained in hopes of easing U.S.-China trade tensions.
Still, this optimism waned after the U.S. Treasury Secretary confirmed no unilateral tariff cuts have been proposed and formal talks are yet to begin. China has also made it clear that further negotiations would only follow a halt in U.S. threats.
China’s Q1 economic growth outpaced expectations, but refined copper imports fell 1.4% year-on-year in March due to elevated U.S. prices. On the supply side, China’s March refined copper production increased 8.6% year-on-year.
