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Copper rose for a second consecutive session, edging closer to US$13,000 per tonne on the London Metal Exchange, as uncertainty surrounding shifting United States tariff policy weighed on the dollar and lent support to commodities.
The gains followed a ruling by the Supreme Court of the United States against former President Donald Trump’s emergency tariff powers.
In response, the administration introduced a 10 percent global levy, later increased to 15 percent.
The adjustment could potentially lower average tariffs on Chinese goods, although policy uncertainty remains elevated.
Read more: Zambian Kwacha closes 2025 firm as copper prices rally
According to Access Bank Group market commentary, copper had remained close to record highs reached in January, supported by supply disruptions and strong demand linked to the global energy transition.
However, traders are monitoring for signs of softer physical demand when Chinese markets reopen after the Lunar New Year holiday.
Nickel also advanced in Asian trading as investors assessed Indonesia’s plans to significantly curb output, including capping production at the Weda Bay project next year, a move expected to tighten global supply.
In foreign exchange markets, the US dollar weakened against most Group-of-10 currencies after Mr Trump announced the revised 15 percent global tariff, rekindling investor concerns over US policy direction and the appeal of US assets.
Access Bank noted that USD/JPY fell 0.5 percent to 154.27 during thin trading amid a Japanese public holiday, contributing to a 0.3 percent decline in the Bloomberg Dollar Spot Index.
“The move reflects broader investor unease about US assets, despite assurances from senior officials that existing trade agreements, including those with Japan, remain intact,” the bank said.
Locally, the Zambian Kwacha depreciated for a fourth consecutive session against the US dollar on Friday.
Data from Bloomberg L.P. showed the kwacha weakened by about 0.69 percent to close just below the K19.00 per dollar mark, amid sustained foreign exchange demand and limited supply.
During intraday trading, the currency briefly broke past the K19.00 threshold but failed to maintain momentum.
Persistent corporate and retail demand, particularly from importers, continued to exert pressure on the local unit.
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