Copper Prices Rise Amid US-China Trade Truce

Copper prices rose on May 9 as investors weighed renewed optimism from a temporary US-China trade truce against persistent concerns over inflation and slowing global economic growth.

On the COMEX, July copper climbed 1.3% to US$10,296/t, while prices on the London Metal Exchange (LME) edged up 0.3% to US$9,544/t during morning trading, after approaching their highest levels since early April earlier in the week. The commodities market gained some relief following the announcement of tariff reductions by Washington and Beijing last week, easing trade tensions that have long clouded the global economic outlook.

US Treasury Secretary Scott Bessent characterized the agreement, stemming from President Donald Trump’s initial round of tariffs, as “a very good framework” for continued dialogue. He emphasized that the United States is not pursuing a broad economic decoupling from China.

China Sets Record for Copper Ore Imports

In April, China’s copper concentrate imports surged to a record high of nearly 3Mt, a move that could help alleviate domestic pricing pressures and support smelters grappling with tight ore supplies. However, spot treatment charges remain deeply negative across global smelters, as expanding processing capacity continues to outpace available ore. Most smelting operations are located in China, where refined copper output keeps setting new records, despite earlier pledges to curb production and improve profitability.