09.06.202515:53:42UTC+00Copper Hits 10-Week High

Copper futures surged above $4.90 per pound on Monday, marking a ten-week high, driven by renewed optimism surrounding US-China trade negotiations. Representatives from both nations are convening in London after a recent conversation between Presidents Trump and Xi, fueling hopes for reduced tensions that could bolster industrial demand. Prices were further buoyed by supply concerns, as disruptions at key copper mines in South America and Africa stoked fears of a tighter global output. Adding to the market's uncertainty, President Trump has enacted an executive order that doubles tariffs on steel and aluminum to 50%, igniting speculation that copper could be the next target for similar measures. Concurrently, copper inventories at London Metal Exchange warehouses are on a decline, symbolizing robust demand from manufacturing centers. Nonetheless, some analysts have issued a word of caution, suggesting that elevated prices might begin to depress consumption, thereby heightening the risk of a short-term market correction.