On Tuesday, April 1, London copper prices rose as optimistic demand prospects outweighed concerns that the US implementation of reciprocal tariffs could trigger a global trade conflict.
At 11:06 Beijing time, the three-month copper contract on the London Metal Exchange (LME) increased by 0.57% to $9,765 per mt.
The Caixin China Manufacturing Purchasing Managers' Index (PMI) for March, released on April 1, recorded 51.2, up 0.4 percentage points from February, reaching a new high since December 2024, indicating that manufacturing production and business activities continued to expand at a faster pace.
A base metal trader said, "Everyone is closely watching the tariff policy that the US will announce tomorrow. The approaching uncertainty has led to a risk-off sentiment."
Copper prices were also supported by a supply deficit of copper concentrates, which has driven the treatment and refining charges (TC/RCs) for copper concentrates into negative territory.
The decline in TC/RCs indicates that supply is tight.
Meanwhile, the tin futures price on the Shanghai Futures Exchange (SHFE) performed well, rising 0.4% to 287,290 yuan per mt, as the market worried that the earthquake in Myanmar, a tin-rich country, last Friday would lead to supply disruptions.
Other LME metals: the three-month aluminum contract rose 0.32% to $2,541 per mt; the three-month lead contract increased 0.25% to $2,017 per mt; the three-month zinc contract climbed 0.54% to $2,868 per mt; the three-month tin contract fell 0.34% to $36,520 per mt; and the three-month nickel contract surged 1.39% to $16,140 per mt.
Shanghai metals: the most-traded SHFE copper contract dropped 0.24% to 80,130 yuan per mt; SHFE aluminum rose 0.07% to 20,550 yuan per mt; SHFE zinc increased 0.36% to 23,600 yuan per mt; SHFE lead climbed 0.09% to 17,425 yuan per mt; and SHFE nickel fell 0.48% to 129,900 yuan per mt.
