Metals have endured a torrid few weeks since Trump’s election, pressured by a sharp rise in the greenback and concerns that his trade policies could hit China, the world’s top metals consumer. Investors expect Bessent to prioritize economic and market stability over more radical measures.
Traders were also tracking China’s efforts to shore up its economy after its most aggressive stimulus effort since the pandemic. The country’s central bank kept a policy-loan rate unchanged after last cutting it in September, as the authorities stayed patient in ramping up stimulus.
Copper — which capped an eighth weekly loss on Friday — rose 1.2% to US$9,072.50 ($12,204.78) a ton on the LME at 11.02am in Singapore. Aluminum added 1.1%, while zinc gained 0.9%.
Iron ore advanced 1.3% to US$101.90 a ton in Singapore. Yuan-priced iron ore contracts rose in Dalian, along with steel futures in Shanghai.
