Yen extends losses after US court order suspending Trump’s tariffs

Copper prices rose on Wednesday on the outlook of lower supplies at the London Metals Exchange, even as US-China trade tensions keep the price in a tight range.

Copper three-month futures rose 0.5% in London to $9639 a ton, with a two-week high at $9655.

Copper is up 5.7% so far this month as global trade tensions calmed down compared to the chaos of Trump’s tariffs in April.

The metal is boosted by lower inventories at the London Metals Exchange, which fell 43% since mid-February to 154,300 tons, a year low.

Spot copper prices and three-month futures had a $40 a ton price divergence last week, up sharply from $3 in the previous week, indicating impending low supplies. 

US President Trump has strongly hinted at a 25% tariff on copper imports in February, leading to accelerated shipments to the US, and sending US prices to a record $11,633 a ton in March, which is $1570 higher than London prices.

Copper prices are expected to waver amid ongoing US-EU trade tensions, with global copper demand expected to outstrip supplies by 30% by 2035 due to the shift to clean energy, which would likely raise prices in the long term.

As for other metals, aluminum rose 0.1% today to $2485 a ton, while zinc rose 0.1% as well to $2707 a ton, while lead shed 0.3% to $1979, as tin declined 2% to $31,870, while nickel fell 1.7% to $15,150.

Separately, the dollar index rose 0.3% as of 15:00 GMT to 99.8, with a session-high at 99.8, and a low at 99.4.

On trading, copper July futures fell 1.2% as of 14:56 GMT to $4.68 a pound.