It stirred some optimism in Asian stock markets and weighed on the US dollar, making commodities priced in the currency more attractive for many buyers.
Copper extended this year’s rally on a report the incoming Trump administration will slowly ramp up trade tariffs rather than impose sizeable levies in one go.
The report, based on unnamed sources, said the approach was aimed at boosting negotiating leverage and helping to avoid a spike in inflation, but the proposal is still in its early stages and hasn’t been shown to US President-elect Donald Trump yet.
