Copper futures climbed to almost $4.50 per pound on Thursday, reaching a four-month peak.
Dollar down, copper up on trade deal hopes
This surge was fueled by a sharp drop in the US dollar and reduced fears of a global trade war escalation. China has taken a more measured approach to retaliating against the US tariffs, and a planned call between Presidents Trump and Xi Jinping has raised hopes of de-escalation and potential tariff reversals. Positive manufacturing PMI data from both the US and China further supported the rally, indicating continued economic expansion in these major economies.
Copper's rise masks China demand worries
Despite these positive factors, treatment charges in Chinese copper smelters continue to suggest lingering uncertainty about future copper demand.
