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Copper prices soared to a three-month high on Tuesday, climbing 1.3 percent to US$10,000 per ton, buoyed by strong late-session demand in China and optimism over a possible easing of trade tensions between China and the United States.
The rally was fuelled by positive Chinese manufacturing data, which signalled a recovery in factory activity, boosting market confidence.
Additionally, US Treasury Secretary, Scott Bessent, indicated that ongoingp tariff negotiations between the two economic giants would initially target reciprocal tariffs, with discussions on raw materials like copper expected to follow later.
This potential delay in tariff adjustments could tighten US copper supplies in the near term.
Market analysts at Access Bank Group noted that despite easing supply pressures in London — where key spreads softened — the London Metal Exchange (LME) copper contract still closed 0.7 percent higher.
Meanwhile, prices for other base metals such as nickel and aluminium remained largely unchanged.
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