Tariffs have the potential to start a global trade war and hit economic growth and demand.
Benchmark copper on the London Metal Exchange (LME) rose 0.9% to $8,953 a tonne. Worries about the outlook have kept copper in a tight range around $9,000 since the US election in November.
"There is no strong directional view on the copper market. Prices are being driven by macro factors. Until anything concrete or concrete happens (on US import tariffs), it is difficult to make a judgment on how the market will progress," said Robert Edwards, an analyst at consultancy CRU.
A weaker US dollar makes dollar-denominated metals cheaper for holders of other currencies, which should benefit demand. Copper gains on China’s pledge to support the economy
Markets are also looking ahead to Friday's monthly US jobs report to gauge when the Federal Reserve might cut interest rates next and by how much.
The copper market is also focused on tight copper concentrate supplies, partly due to operational issues and disruptions.
“Refined copper output will outpace mine supply in 2023 and 2024 as smelters add more scrap to the mix and decide to continue operations even as margins shrink,” Morgan Stanley analysts said in a note.
This could become more difficult to deliver in 2025, as the potential scrap in the system is used up and copper prices also fall significantly from their 2024 all-time highs.
Global mined copper supply is estimated at around 24 million tonnes this year. Copper hit a record high of $11,104.50 last year.
Among other metals, aluminium fell 0.2% to $2,489 a tonne, zinc rose 0.1% to $2,891, lead rose 0.8% to $1,938 while tin rose 0.9% to $29,375 and nickel fell 0.2% to $15,080.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-7-1-tang-tro-lai.html
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