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

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.