30.10.202506:02:03UTC+00Copper Holds Near 3-Month High

Copper futures lingered around $5.15 per pound on Thursday, maintaining proximity to recent three-month highs. This follows the key meeting between U.S. President Donald Trump and China's President Xi Jinping. In this meeting, Trump committed to reducing tariffs on fentanyl from China by 50%, lowering them to 10%. Additionally, it was noted that China agreed to suspend restrictions on rare earth exports for a year and to recommence soybean imports immediately. However, the lack of official comments from Chinese authorities has kept market sentiment cautious. On another front, the U.S. Federal Reserve announced a widely anticipated quarter-point interest rate cut on Wednesday, although Federal Reserve Chair Jerome Powell indicated that a further adjustment in December is uncertain. Copper prices are also being supported by concerns about supply constraints. Major producers, including Glencore and Anglo American, have reported reduced output for the first nine months of the year. Continued mining disruptions in countries like Chile and Indonesia are further fueling expectations that prices could rise next year.