Copper prices remained close to historic peaks on Monday as trade optimism between the United States and China buoyed market sentiment ahead of a highly anticipated meeting between Donald Trump and Xi Jinping later this week.
Copper futures on the London Metal Exchange climbed 1% to $10,962 per metric ton, just shy of the record $11,104.50 set in May 2024.
Market confidence in a potential trade deal between Washington and Beijing has helped ease concerns about renewed trade-related volatility — a key threat to global growth and copper demand.
The industrial metal is also receiving support from expectations of an interest rate cut by the Federal Reserve System this week. Softer-than-anticipated U.S. inflation data has strengthened market bets on additional monetary easing.
While copper advanced, aluminum futures on the London Metal Exchange slipped 0.1% to $2,859 per ton, moving in the opposite direction.
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