On Monday, April 14, LME copper futures rose to their highest level in over a week, driven by a weaker US dollar and improved market sentiment.
At 17:00 London time (00:00 Beijing time on April 15), LME three-month copper closed up $32.5, or 0.36%, at $9,187 per mt, after hitting a high of $9,271.5, the highest level since April 4.
Copper prices have risen 13.5% since hitting a multi-month low of $8,105 per mt a week ago, when tariff disputes heightened concerns about global economic growth.
The US dollar fell on Monday, as investors flocked to the euro following a crisis of confidence in the dollar. A weaker dollar makes dollar-denominated commodities cheaper for overseas buyers.
A metal trader said, "The market seems to have found support, and it appears to have bottomed out. The recent decline in copper prices has attracted some buying interest."
According to a report by Securities Times, late on April 11 local time, the US Customs and Border Protection announced that smartphones, routers, and some computers and laptops would no longer be subject to the so-called 125% "reciprocal tariff" previously imposed on Chinese imports.
Technically, LME copper futures face resistance at the 100-day moving average of $9,279.
Meanwhile, the price spread between LME spot copper and three-month copper contracts fluctuated significantly ahead of this week's LME contract settlement. The latest was a discount of $23.5 per mt, compared to a premium of $37 at the close last Friday and a discount of $38 a week ago.
Data released by the General Administration of Customs of China showed that China's imports of copper ore and its concentrates in March were 2.394 million mt, with cumulative imports from January to March reaching 7.108 million mt, up 1.8% year-on-year from 6.98 million mt. Imports of unwrought copper and copper semis in March were 467,000 mt, with cumulative imports from January to March at 1.303 million mt, down 5.2% year-on-year from 1.375 million mt.
In other metals, three-month aluminum fell $22.5, or 0.94%, to close at $2,374 per mt.
Goldman Sachs stated in a report that aluminum prices are expected to reach $2,300 per mt by December. The bank also forecasted a global aluminum market surplus of 580,000 mt this year, compared to its previous prediction of a shortage of 76,000 mt.
