Copper pared declines after US President Donald Trump eased fears of a trade war with China, with the wiring metal back on track for a weekly gain.

Trump told reporters that current tariffs on China were “not sustainable” and confirmed he would meet with his Chinese counterpart Xi Jinping in South Korea in the coming weeks. The deescalation in trade tensions boosted demand prospects for a metal seen as a bellwether for the global economy given its widespread industrial use.

 

Copper was down 0.7% to $10,571.50 a ton on the London Metal Exchange as of 1:19 p.m. local time, after earlier slumping as much as 2% on concerns about credit quality in the US. The wiring metal is on pace for a 0.5% weekly gain. It touched $11,000 a ton the previous week — the highest intraday level since May 2024 — on supply concerns.

 

Aluminum, nickel and zinc were wall down less than 1% while lead was up 0.7%. Iron ore futures fell about 1%.

 

Equities also trimmed losses after Trump’s comments. Markets were jolted on Thursday when two US regional lenders said they were victims of fraud on loans linked to distressed commercial mortgages, fueling concerns over borrowers’ creditworthiness. 

https://www.mining.com/web/copper-price-back-on-track-for-weekly-gain-as-trump-calms-trade-angst/