Copper Prices Surge to 16-Month High: Effects of Trade Agreement

Historic Rise in Copper Prices

Increasing optimism regarding the US-China trade agreement has pushed copper prices to their highest level in the last 16 months. This rise in global metal markets has drawn 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

Copper contracts on the Shanghai Futures Exchange showed a 1.73% increase, rising to 88,370 yuan per ton. At the same time, three-month copper prices on the London Metal Exchange (LME) increased by 0.59%, reaching $11,027 per ton and drawing attention by rising as high as $11,094 during the session.

Details of the Trade Agreement

The trade agreement reached between the US and China within the framework of the ASEAN Summit has created a significant impact on global trade. The US has suspended tariffs on goods imported from China, paving the way for an increase in copper and other metals. Additionally, the US Treasury Secretary received encouraging signals regarding China's postponement of rare earth export controls and the resumption of soybean purchases from the US.

Rise in Other Metals

This increase in copper prices has caused fluctuations in other metals as well. In Shanghai, aluminum rose by 0.61%, zinc and nickel by 0.34%, and tin increased by 1.15%. In London, aluminum showed a 0.49% increase, zinc 0.21%, and tin 0.55%, while nickel experienced a 0.40% decline. Lead prices showed a horizontal trend on both exchanges.

These developments that attract the attention of investors continue to influence the dynamics of the metal markets, with analysts expecting this trend to persist in the coming days.