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Investing.com -- Copper prices are holding near record highs as the United States and China struck a positive tone on trade developments ahead of a meeting between President Trump and President Xi later this week.
Copper futures on the London Metal Exchange rose 1% to $10,962 a metric ton on Monday, hovering just below the record of $11,104.50 set in May 2024.
The optimism surrounding a potential trade deal between Washington and Beijing has eased fears of renewed trade-driven volatility, which is considered a key risk to global economic growth and copper demand.
The industrial metal is also finding support from expectations that the Federal Reserve will cut interest rates this week. Weaker-than-expected U.S. inflation data has reinforced market bets on further monetary easing.
While copper prices climbed, aluminum futures on the London Metal Exchange moved in the opposite direction, falling 0.1% to $2,859 a ton.
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