Base metals rose across the board, with copper futures closing higher, supported by a weaker US dollar [LME closing on April 11].

Published: Apr 13, 2025 21:34

Save

On Friday, April 11, LME copper futures and other base metals closed higher, supported by a weaker US dollar, ending a week of intense volatility. However, gains were limited by concerns that trade conflicts could dampen demand.
At 17:00 London time (00:00 Beijing time on April 12), LME three-month copper futures rose by $166.5, or 1.85%, to $9,154.5 per mt.
Copper futures gained 4.3% this week, after hitting a multi-month low of $8,105 per mt on Monday, as global tariffs heightened fears of an economic downturn.
However, consumer buying and temporary technical factors helped restore some stability to the metals market.
Ahead of next week's LME contract settlement, the price spread between LME spot copper contracts and the benchmark three-month futures became volatile, with the latest spread at a premium of $37 per mt, compared to a discount of $63 per mt a week earlier.
The most active COMEX copper contract rose 4.6% intraday on Friday to $4.537 per pound, widening its premium over the LME benchmark contract.
Demand side, Codelco stated on Thursday that demand from China remained strong this quarter.
The Yangshan copper premium, reflecting China's demand for imported copper, held steady at $89 per mt, the strongest since the end of 2023.
Among other metals, three-month aluminum futures rose by $26.5, or 1.12%, to $2,396.5 per mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

14 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

14 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

14 hours ago