Copper prices rose mildly on Thursday as the dollar weakened, but concerns about demand and trade remained an obstacle.
Copper three-month futures rose 0.5% at the London Exchange to $9694 a ton as of 14:00 GMT after hitting November 2023 at $8105.
The dollar index fell to three-year lows after US inflation data, making the greenback-denominated metals cheaper to holders of other currencies.
US President Trump said he’s willing to extend the final July 8 deadline to carry on trade talks, but warned that the US will send messages in the next few weeks to tens of countries to set trade terms.
UBS noted that from the demand perspective, manufacturing PMIs from China, the US, and Europe remain in a contraction zone, with ongoing impact from tariffs, which would weaken demand on copper.
Last February, the US launched an investigation into copper imports and opened the way for a potential tariff similar to duties on steel and aluminum.
From the supply side, operations into a major copper mine in the Congo Democratic Republic resumed after an earthquake caused disruption.
Aluminum and tin prices were little changed at the London Metals Exchange at $2516 and $32,600 a ton respectively, while zinc shed 0.6% to $2638, as nickel lost 0.2% to $15,150, while lead rose 0.5% to $1996.
Copper futures due in July rose 0.1% in American trade as of 15:14 GMT to $4.81 a pound.
