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(Bloomberg) -- Copper rose amid signs of progress on trade deals between the US and other nations, potentially lessening risks to global growth and metals demand.
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Three-month futures pushed above $9,200 a ton in London, after sinking more than 3% on Wednesday. National Economic Council Director Kevin Hassett said the Trump administration is making progress in tariff talks and that he expects news by the end of the day.
Copper prices retreated 6% last month — their worst showing since mid-2022 — as signs emerged that the global trade war was starting to hurt economies, with the US contracting in the first quarter and Chinese manufacturing under strain. At the same time, Washington is pushing ahead with a study that may result in US imports of the metal being subject to tariffs.
On the supply side, two of Peru’s biggest copper mines were targeted by community protests this week, stoking concerns over disruptions in the world’s third-largest producer. At Antamina — whose owners include BHP Group and Glencore Plc — the incident was quickly quelled. At Las Bambas — owned by China’s MMG Ltd. — transportation services for the mine were being restored.
Copper gained 0.9% to settle at $9,206 a ton at 5:52 p.m. on the London Metal Exchange. Aluminum also edged higher, while the other main LME metals fell. Some countries across the Asia-Pacific region, including China, are closed Thursday for Labor Day holidays, reducing trading volumes.
--With assistance from Mark Burton and Yvonne Yue Li.
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