SMM News: according to Dow Jones May 10 news, COMEX copper rose on Friday, although the prospect of economic and trade negotiations between China and the United States is still full of uncertainty.
Copper for July, the most actively traded contract, rose 0.3 cents to settle at $2.7745 a pound.
Copper prices are so sensitive to Chinese economic activity that the popularity triggered by the trade war between China and the US has shaped copper prices in recent weeks.
China is the world's largest consumer of metals, accounting for half of global copper demand.
Expectations of a trade deal between China and the United States at the beginning of the year and measures taken by China to boost economic growth pushed copper prices higher, but in recent days, trade concerns between China and the United States have rekindled and copper prices have come under pressure.
China deeply regrets that the US has raised tariffs on $200 billion of Chinese imports from 10 per cent to 25 per cent and will have to take the necessary countermeasures, the Ministry of Commerce said on Friday.
The eleventh round of high-level economic and trade consultations between China and the United States ended in Washington on the 10th local time. Liu he, member of the political Bureau of the CPC Central Committee, vice premier of the State Council, and Chinese leader of the China-US Comprehensive Economic Dialogue, said in an interview after the consultation that the two sides had conducted better communication and cooperation, and the negotiations did not break down, but on the contrary. This is only a normal small twists and turns in the negotiations between the two countries, and it is inevitable. The Chinese side is cautiously optimistic about the future of the negotiations.