Base metal prices exhibited mixed results on Friday as traders turned their attention to the upcoming trade talks between the U.S. and China, following a limited trade deal announced between Washington and London. As of 0706 GMT, benchmark copper on the London Metal Exchange (LME) dropped 0.8% to $9,364 per metric ton, although it remained largely unchanged from the previous week. On Thursday, U.S. President Donald Trump and British Prime Minister Keir Starmer revealed a limited bilateral trade agreement. This deal retains Trump’s 10% tariffs on British exports, expands agricultural access for both countries, and reduces significant U.S. tariffs on British automotive exports.
Traders are approaching the U.S.-China meeting in Switzerland this weekend with caution, particularly after months of rising tensions that have led to tariffs soaring between the world’s two largest economies. The discussions set to take place are anticipated to address the potential easing of broader tariffs and duties on select products. A trader commented on the importance of these talks, stating, “The discussions between the U.S. and China this weekend are crucial. Given the unpredictable nature of Trump’s stance, we are watching the situation with caution until we see clear indications of advancement.”
In other metals traded on the London market, aluminium increased by 0.2% to $2,418 per ton, zinc rose by 0.4% to $2,630, lead saw a 1% gain reaching $1,964, and nickel climbed 0.2% to $15,560. Conversely, tin experienced a decline of 0.4% to $31,750. On the Shanghai Futures Exchange (SHFE), the most-traded copper contract fell 0.2% to 77,450 yuan ($10,722) per ton, while SHFE aluminium and lead saw slight gains, among other mixed performances in metals.