Copper Prices Reach 16-Month High: Effects of the Trade Agreement

Historical Rise in Copper Prices

Growing optimism regarding the US-China trade agreement has pushed copper prices to their highest level in 16 months. This rise in global metal markets has caught the attention of investors. Copper is considered not only for its industrial use but also as a barometer of economic activity.

Movements in Shanghai and London Markets

Shanghai Futures Exchange's copper contract increased by 1.73%, rising to 88,370 yuan per ton. At the same time, three-month copper prices on the London Metal Exchange (LME) rose by 0.59% to $11,027 per ton and even reached $11,094 during the session, attracting attention.

Details of the Trade Agreement

The trade agreement reached between the US and China during the ASEAN Summit is having a significant impact on global trade. The US has suspended tariffs on goods imported from China, creating grounds for the rise in copper and other metals. Additionally, the US Treasury Secretary received promising signals regarding China's delay in rare earth export controls and the resumption of soybean purchases from the US.

Rise in Other Metals

This rise in copper prices has led to fluctuations in other metals as well. In Shanghai, aluminum rose by 0.61%, zinc and nickel by 0.34%, while tin increased by 1.15%. In London, aluminum rose by 0.49%, zinc by 0.21%, and tin by 0.55%, while nickel experienced a decline of 0.40%. Lead prices remained stable on both exchanges.

These developments, of interest to investors, continue to affect the dynamics of the metal markets, with analysts expecting this trend to persist in the coming days.