Copper prices increased on Monday following U.S. President Donald Trump’s decision to grant exemptions from tariffs on certain products, enhancing market sentiment.

On Friday, Trump halted import levies on a range of consumer electronics, including smartphones and memory chips. However, by Sunday, he indicated plans to impose different, targeted tariffs on popular electronics like phones and computers.

In morning trading on the COMEX, copper for May delivery rose to $4.623 per pound ($10,171 per tonne). The London Metal Exchange reflected this trend, with the red metal trading 0.5% higher at $9,195 per tonne.

China’s trade data for March, released on Monday, revealed that metals exporters expedited shipments in anticipation of heightened trade tensions before the U.S. tariffs go into effect. Steel exports climbed by 5.7%, reaching a five-month peak, while aluminum exports remained unchanged even after China discontinued its export tax rebate in December. Conversely, iron ore imports fell by 6.7%, and purchases of unwrought copper decreased as shipments were redirected to capitalize on higher U.S. prices.

Who Controls the Future of Copper Mining?

MINING.COM and The Northern Miner have analyzed global copper production through a geopolitical lens, categorizing the world into five “spheres of control”: American, Chinese, Russian, Coalition of the Willing, and Undrafted.

For a visual representation, check out our new infographic: