Benchmark copper on the London Metal Exchange (LME) was down 0.4% to $9,403 a metric ton, as of 0105 GMT.
- Updated On Apr 30, 2025 at 01:06 PM IST
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was flat at 77,570 yuan ($10,671.34) per ton.“>
London metals moved in a tight range on Wednesday as trade tensions between the U.S. and China showed signs of easing, while investors awaited U.S. economic data to gauge the Federal Reserve’s monetary policy outlook.
Benchmark copper on the London Metal Exchange (LME) was down 0.4% to $9,403 a metric ton, as of 0105 GMT.
The U.S. initial jobless claims and Personal Consumption Expenditures (PCE) data are due this week and could sway metal prices, as they influence Fed’s interest rate decisions and economic outlook. U.S. President Donald Trump signed a pair of orders to reduce the impact of his auto tariffs, following Treasury Secretary Bessent’s Monday statement that some key U.S. trading partners had presented promising proposals to avoid U.S. tariffs. Bessent also noted that China’s recent exemption of select U.S. products from retaliatory tariffs showed a willingness to de-escalate trade tensions.
“The trade war tensions appear to have stabilised this week without major new developments. Meanwhile, there’s some optimism about potential de-escalation between the U.S. and China. Our attention has now shifted toward U.S. economic data,” a trader said.
In other London metals, aluminium fell 0.1% to $2,462 a ton, zinc rose 0.1% to $2,653, lead lost 0.1% to $1,975, tin was unchanged at $31,919 and nickel rose 0.1% to $15,570 a ton.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was flat at 77,570 yuan ($10,671.34) per ton.
Shanghai copper prices were supported by a massive drop in inventories of the metal CU-STX-SGH in warehouses monitored by the Shanghai Futures Exchange (SHFE), which dropped 32% week-on-week to 116,753 tons.
SHFE aluminium gained 0.4% to 19,995 yuan a ton, zinc remained flat at 22,540 yuan, lead fell 0.3% to 16,895 yuan, nickel fell 0.3% to 124,130 yuan and tin was unchanged at 261,160 yuan. ($1 = 7.2690 Chinese yuan renminbi) (Reporting by Violet Li and Lewis Jackson; Editing by Rashmi Aich)
- Published On Apr 30, 2025 at 01:02 PM IST
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