Copper nears record high on U.S.-China trade optimism

[Production of copper wire, cable in reels at factory. Cable factory.]
FabrikaCr

* Copper futures surged toward a record high on Monday as the United States and China neared a broad agreement to ease trade tensions, reducing a key risk to global growth.
* Prices on the London Metal Exchange rose as much as 0.9% to reach $11,065.50 a ton, within $50 of a record that's stood since the first half of 2024.
* U.S. copper futures (HG1:COM [https://seekingalpha.com/symbol/HG1:COM]) climbed 1.3% to $5.1 per pound on Monday, approaching three-month highs.
* Goldman Sachs Group last week pointed to a near-term bullish view among traders.
* The metal, used in wiring for renewable energy, electronics, and construction, has rallied more than 20% this year, supported by a series of global mine outages and production setbacks.
* US Treasury Secretary Scott Bessent, meanwhile, said President Trump’s threat of a 100% tariff was “off the table,” while adding that Beijing agreed to pause for a year its planned expansion of rare earth export controls.

MORE ON COPPER FUTURES

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* The Commodities: Natural Gas Under Pressure [https://seekingalpha.com/article/4829057-commodities-natural-gas-under-pressure]
* Copper's Long-Term Bullish Trend Supports Higher Mining Stocks [https://seekingalpha.com/article/4828922-coppers-long-term-bullish-trend-supports-higher-mining-stocks]
* Copper futures ease amid credit concerns and renewed U.S.-China tensions [https://seekingalpha.com/news/4505080-copper-futures-ease-amid-credit-concerns-and-renewed-us-china-tensions]
* Codelco reports lowest copper output in over 20 years after fatal mine accident [https://seekingalpha.com/news/4503146-codelco-reports-lowest-copper-output-in-over-20-years-after-fatal-mine-accident]