Shanghai copper rebounded on Tuesday as fears of an escalation in U.S.-China trade tensions eased and investors refocused on mine disruptions and supply shortages.
The most-active copper contract on the Shanghai Futures Exchange was up 1.38% at 86,070 yuan ($12,060.87) per metric ton, as of 0330 GMT.
Hopes of a de-escalation in tensions between the world’s two economic heavyweights grew after U.S. Treasury Secretary Scott Bessent said President Donald Trump remained on track to meet Chinese leader Xi Jinping in South Korea in late October.
Mine disruptions, including the suspension of operations at Grasberg in Indonesia late last month, keep copper prices supported amid expectations of a supply deficit in 2026.
Demand also improved following a price drop on Monday, analysts at Chinese broker Minmetal Futures said.
The benchmark three-month copper contract on the London Metal Exchange (LME) was down 0.24% at $10,794 a ton, as of 0354 GMT, after a more than 2% gain on Monday.
Among other SHFE base metals, aluminium gained 0.24%, zinc nudged up 0.18%, nickel tumbled 0.43%, tin dropped 0.58%, while lead was little changed.
Among other LME metals, aluminium was up 0.43%, lead gained 0.2%, while zinc , nickel and tin were little changed.
Source: Reuters
