Copper futures climbed back above $5 per pound on Monday, rebounding from a one-week low as risk sentiment improved amid signs of easing US-China trade tensions. US President Donald Trump said his proposed retaliatory tariffs on Chinese goods would be unsustainable, while Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are set to meet this week ahead of a potential Trump-Xi meeting later this month. Expectations of US Federal Reserve rate cuts also underpinned prices, with markets fully pricing in a 25 basis point cut this week, followed by another in December and possibly three more in 2026. Meanwhile, Chinese smelters have increased overseas copper shipments as higher London prices and elevated domestic costs weigh on local demand.

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