Copper rebounded on Friday after comments by the US and Chinese presidents raised hopes that the two countries will forge a trade deal.
Donald Trump said on Friday that a trade deal with China is “potentially very close” while Xi Jinping said that China wants to work out an initial trade pact with the United States and has been trying to avoid a trade conflict.
“With the latest soothing comments and invitation for further talks, the market is once again erring on the side of believing that a trade deal can still be struck,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
“We remain pretty sceptical about the potential impact of a deal. If it doesn’t really deliver on all counts, then we could see some more weakness.”
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