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A roll of copper wire in a factory in Vietnam.
BEIJING (Reuters) – Copper prices rose after the United States announced on Tuesday that it planned to defer tariffs on some Chinese products by 10 percent, helping to ease concerns over growth and demand from the biggest consumer of metal from China.
The three-month London benchmark copper futures rose 1.5% to close at $ 5,828.65 per tonne. The red metal price, a measure of economic strength, fell last week to $ 5,640 a tonne, its lowest level since June 2017.
Among other industrial metals, zinc contracts increased from $ 1.8 to $ 2319 per tonne. Last week, metal prices used for galvanizing steel hit their lowest level since October 2016 at $ 2,230.50.
Aluminum futures prices rose 0.8% to close at $ 1785 per tonne, while lead contracts increased 1% to $ 2,068 a tonne.
Prepared by Wajdi Al Alfy for the Arab Bulletin
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