Copper jumped nearly 4% to above $5 per pound on Monday, recovering most of Friday’s losses after US President Donald Trump said in a Truth Social post that trade relations with China “will all be fine,” signaling openness to negotiate and meet with Chinese President Xi Jinping later this month. Copper had slumped more than 4% on Friday after Trump threatened to impose a 100% tariff on Chinese goods starting November 1 in response to Beijing’s new export controls on rare earths and related technologies, stoking fears of an escalating trade war that could curb global growth and metals demand. Meanwhile, supply pressures persisted as mine disruptions in Chile and Indonesia continued to limit output, with Chile’s Codelco recording its lowest monthly production in over two decades in August and output at Indonesia’s Grasberg mine still constrained following last month’s fatal accident.
