Market News

(Bloomberg) -- Copper rose, after the biggest one-day drop in almost a month, as US President Donald Trump signaled progress on deals with nations targeted by tariffs, potentially lessening risks to global growth and metals demand.

Three-month futures pushed above $9,200 a ton in London, after sinking more than 3% on Wednesday. Trump said he saw a “very good chance” of an accord with China, although any agreement had to be on America’s terms. Separately, Trade Representative Jamieson Greer said the US was nearing an announcement of a first tranche of deals.

Copper prices retreated 6% last month — their worst showing since mid-2022 — as signs emerged that the global trade war was starting to hurt economies, with the US contracting in the first quarter and Chinese manufacturing under strain. At the same time, Washington is pushing ahead with a study that may result in US imports of the metal being subject to tariffs.

On the supply side, two of Peru’s biggest copper mines were targeted by community protests this week, stoking concerns over disruptions in the world’s third-largest producer. At Antamina — whose owners include BHP Group and Glencore Plc — the incident was quickly quelled. At Las Bambas — owned by China’s MMG Ltd. — transportation services for the mine were being restored.

Copper gained as much as 1.3% and traded up 0.9% at $9,203.50 a ton as of 9:51 a.m. on the London Metal Exchange. Aluminum and zinc also edged higher, while nickel fell 0.4%. Some countries across the Asia-Pacific region, including China, are closed Thursday for Labor Day holidays, reducing trading volumes.

Iron ore futures dropped 1.2% to $96.25 a ton in Singapore. Futures for the steelmaking staple declined 3.5% in April to post their third straight monthly loss.

--With assistance from Mark Burton.