New York, April 26 news, COMEX copper futures closed higher on Friday, as investors are optimistic about the prospects of Sino-US trade negotiations.
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The most active COMEX copper contract for May rose 2.50 cents to settle at $2.8865 a pound.
Fitch Solutions said in a report: “We believe that copper prices will rise at a limited rate in the coming weeks unless the U.S. -China trade agreement is finalized, because concerns about global economic growth remain.”
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Copper stocks in warehouses monitored by the Shanghai Futures Exchange fell to 638,030 tons, the lowest since October 2017.
McMurlen Copper and Gold Mine in Freeport, USA, saw copper output fall by 18% to about 340,000 tons in the first quarter.
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