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Copper prices rose on Friday as investors weighed the relief from a temporary US-China trade truce against persistent concerns over inflation and slowing global growth.

On the COMEX, July copper rose 1.3% to $4.68 per pound ($10,296 per tonne). On the London Metal Exchange, the metal gained 0.3% to $9,544 per tonne during morning trade, after approaching its highest level since early April earlier in the week.

Tariff reductions announced Monday by Washington and Beijing eased pressure on commodities markets, which have been battered by trade tensions that clouded the global economic outlook.

US Treasury Secretary Scott Bessent said the trade agreement stemming from President Donald Trump’s first tariff war with China offers “a very good framework” for future talks. He emphasized that the US is not seeking a broad economic decoupling from China.

China posts record copper ore imports

China’s imports of copper concentrate surged to nearly 3 million tonnes in April — a record high that may help ease domestic price pressures and bring some relief to smelters squeezed by tight ore supply.

Spot treatment charges remain deeply negative across global smelters, with margins collapsing due to a mismatch between soaring processing capacity and a global ore shortage.

The bulk of smelting operations are in China, where refined copper output continues to break records despite earlier pledges to curb production and support profitability.

(With files from Bloomberg)