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This follows comments from US President Donald Trump on Wednesday in which he said Iran “appears to be standing down” after the latter fired missiles at two bases in Iraq that house US troops, while also advocated further sanctions against Iran rather than a military response.
“President Donald Trump made the announcement that the US will not resort to military action… this saw a reduction in risk-off sentiment and is supportive of the copper price,” an analyst with Citic Futures said in a morning note.
The most-traded March copper contract on the SHFE closed the morning session at 48,940 yuan ($7,045) per tonne, up by 80 yuan per tonne – or 0.2% – from Wednesday’s close of 48,860 yuan per tonne.
“In the copper market, although the expectation of Copper Smelters Purchase Team (CSPT) to curb production didn’t come true, the supply worries for copper concentrates persist, and this has capped the downward pressure in [metal] prices,” the Citic Futures analyst said.
Elsewhere, March nickel rebounded by 2.3% to 111,740 yuan per tonne at the close of morning trading, while June tin rose by 1.2% to 137,230 yuan per tonne. In terms of losses, February aluminium was down by 0.6% at 14,070 yuan per tonne, March zinc dipped by 0.1% to 18,345 yuan per tonne and February lead slid 0.1% to 14,945 yuan per tonne. Other highlights