FX.co ★ Copper Rises on Easing US-China Trade Tensions

Copper futures surged past $5 per pound on Tuesday, marking a one-week peak as the alleviation of US-China trade tensions enhanced investor confidence. President Donald Trump expressed optimism about reaching a fair trade agreement with China's President Xi Jinping at their upcoming meeting in South Korea later this month. Trade representatives from both nations are also scheduled to convene in Malaysia this week to ease ongoing tensions. Additionally, the prospect of further interest rate cuts by the Federal Reserve bolstered the demand outlook for copper. In China, robust industrial production data released on Monday helped allay concerns over weaker GDP growth in the third quarter and persistent deflationary pressures. On the supply front, a series of mining disruptions, most notably the suspension of operations at Indonesia's Grasberg mine, continued to fuel concerns about potential global supply shortages.