Copper edges up on trade truce hopes; tariff clarity expected on August 1
Three-month copper on the London Metal Exchange climbed 0.16% to $9,813.5 per metric ton by 0146 GMT, while the most-traded copper contract on the Shanghai Futures Exchange rose 0.18% to 79,120 yuan ($11,029.33) a ton.
'Nothing seems certain yet; the remarks from the (U.S. and China) officials sound hopeful. I am still uncertain what will come afterwards though the two countries said they would push to extend the trade truce,' a Shanghai-based metals analyst at a futures company said.
More details may be available on August 1 when U.S. tariffs on its trade partners, including its 50% copper import tariffs, are all said to be effective.
Elsewhere, the premium of COMEX over LME copper fell to 26% after top producer Chile said it was seeking exceptions from 50% U.S. tariffs.
Grupo Mexico, a leading copper miner, reported a 10% rise in net profit for the second quarter amid lower mining costs and strong performance in its copper byproducts business. It views the looming tariffs as an investment opportunity to expand production run by its U.S. subsidiary, Asarco, in Arizona.
Among other London metals, aluminium gained 0.12% to $2,608.5 a ton, zinc added 0.27% to $2,812.5, lead climbed 0.1% to $2,018.5 and tin edged up 0.02% to $33,700, while nickel fell 0.4% to $15,255.
SHFE nickel rose 0.09% to 122,010 yuan, tin strengthened 0.17% to 267,810 yuan, and zinc increased 0.2% to 22,705 yuan, while aluminium lost 0.02% to 20,620 yuan a ton, and lead fell 0.3% to 16,895 yuan.
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