Industrial metals climbed as traders weighed the outcome from President Donald Trump’s next round of tariffs, which are expected to be more targeted than previously suggested.
The US leader will announce so-called reciprocal tariffs on April 2 that aim to hit countries that have put barriers on the US, including allies. Levies from the Trump administration have rattled markets as targeted nations retaliate with their own duties, leading to volatility and uncertainty.
Copper gained 0.6% to $9 917.50 a ton by 10:35 a.m Shanghai time on the London Metal Exchange. The metal advanced above $10 000 late last week. Aluminium was 0.4% higher, while other metals on the exchange also rose.
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The trade turmoil from Trump’s tariffs has coincided with waning demand in China, although US levies are providing an opportunity for some. High profile copper bull, Kostas Bintas, has predicted a fresh record on tight supply.
Meanwhile, iron ore in Singapore rose 1.5% to $101.45 a ton after closing below $100 on Friday. Australian miner Mineral Resources Ltd. said haulage at its Onslow project had resumed following an earlier accident. Yuan-priced futures on the Dalian exchange and Shanghai steel contracts gained.
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