29 July
Easing tension between US and China stimulate growth in copper prices — Bloomberg
Copper prices have risen on the back of reduced trade tensions between the United States and China. US Treasury Secretary Scott Bessent has pointed to the need to cut tariffs against China. Additionally, American President Donald Trump has taken a conciliatory stance towards Beijing. This is reported by Bloomberg.
In London, prices for 3-month copper contracts reached approximately $9,450 per ton, up 2%. The growth was also supported by the retreat of Trump's threats towards Federal Reserve Chairman Jerome Powell. As recalled by the agency, the risk of firing the head of the US central bank had previously worried the markets and weakened the dollar.
The unstable situation in April, exacerbated by investors' fears due to the escalation of trade disagreements, did not significantly weaken copper prices. The red metal rose 0.8% to $9,391 per ton, approaching its highest level since the beginning of the month.
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