Copper Edges Higher on Trade Optimism

Copper futures rose above $4.45 per pound on Tuesday, marking their highest level in over a week as optimism over global trade improved. The extension of the US-China trade truce by another 90 days gave negotiators more time to reach an agreement and helped stabilize expectations for trade between the world’s two largest economies. Still, copper prices remained close to four-month lows as investors continued to assess the implications of US tariff exemptions on certain copper products. Refined copper was ultimately excluded from the 50% US import tariffs, a decision that has left traders holding large stockpiles of the metal domestically. Instead, the tariffs will apply to imports of semi-finished copper products such as wires and pipes, while sparing ore, cathodes, and concentrates, the most widely imported forms of copper in the US.