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Copper prices rose for a third consecutive day on Wednesday reaching US$9,187 per tonne on the London Metal Exchange, supported by a weaker US dollar as traders assessed the impact of the US-China trade war following the Lunar New Year break.
Despite a volatile start to the year for base metals due to trade tensions and weak demand in China, copper managed to maintain upward momentum.
According to Access Bank’s daily market update, China imposed retaliatory tariffs on US products and launched an investigation into Google after President Donald Trump’s 10 percent levy on Chinese imports.
“However, China did not impose duties on copper, though it restricted exports of niche metals like tungsten,” the update noted.
While a prolonged trade war could dampen growth, speculation about Chinese economic stimulus measures has fueled expectations of increased metals consumption.
Meanwhile, other base metals faced declines, with zinc leading losses in China, falling 1.5 percent, while aluminium and copper saw minor fluctuations.
Copper remained a key trade link between the US and China, with China receiving 40 percent of US copper scrap exports and 16 percent of concentrate shipments.
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