28.10.202507:15:46UTC+00Copper Pulls Back Ahead of Trump-Xi Meeting

Copper futures declined below $5.1 per pound on Tuesday, retreating from near three-month highs as investors adopted a cautious stance ahead of the significant meeting between US President Donald Trump and Chinese President Xi Jinping later this week. On Monday, President Trump expressed optimism about reaching an agreement with China after trade negotiators established a framework addressing critical issues, including rare earth minerals, soybean purchases, and TikTok. Markets were also anticipating policy decisions from major central banks this week, with widespread expectations that the Federal Reserve would implement another interest rate cut. Despite these developments, copper prices continued to be bolstered by persistent supply concerns. Freeport-McMoRan recently reduced its sales outlook following a fatal incident at its Grasberg mine in Indonesia. Additionally, ongoing production challenges at Codelco’s El Teniente mine in Chile, as well as at key locations in the Dominican Republic and the Democratic Republic of Congo, exacerbated the pressures on global supply.