Copper prices climbed on Monday, trading just shy of record highs as renewed optimism over U.S.-China trade relations lifted sentiment ahead of a scheduled meeting between Donald Trump and Xi Jinping later this week.
On the London Metal Exchange, copper futures rose 1% to $10,962 per metric ton, closing in on the all-time high of $11,104.50 set in May 2024.
Hopes of a trade breakthrough between Washington and Beijing have helped ease worries over trade-related disruptions, which have been a persistent risk to both global economic growth and demand for industrial metals.
The rally in copper is also being supported by expectations that the Federal Reserve System will lower interest rates this week. Weaker-than-forecast U.S. inflation data last week reinforced market bets on a more accommodative monetary policy stance.
While copper gained ground, aluminum prices moved lower, with futures on the London Metal Exchange slipping 0.1% to $2,859 per ton.