LONDON (Reuters) – Copper jumped to its highest level on Thursday in six weeks after the United States said it would delay the entry into force of a new round of tariffs on China, raising hopes for a easing of the trade dispute that would favor the demand for metal.
* The president of the United States, Donald Trump, welcomed China's decision to exempt some US anti-cancer drugs and other goods from its tariffs and announced a brief postponement of the increase in its levies on Chinese goods.
* The two largest economies in the world have applied tariffs to goods worth hundreds of billions of dollars, in a sour trade war that has generated fears of a global recession, and they plan to enforce new taxes in the coming months. .
* Copper, used primarily in construction and energy, is seen as a barometer of the health of the global economy and has suffered from weak growth. China is its biggest consumer.
* "The confidence of market players is somewhat better because of the news about the trade dispute between the United States and China," said Daniel Briesemann, an analyst at Commerzbank, but warned that it could last a short time. "We have seen signs of easing the commercial dispute on several occasions, however, we have always been disappointed."
* The three-month reference copper on the London Metal Exchange (LME) earned 1.84% at $ 5,879 per ton at 1129 GMT, after touching its highest level from August 1 to $ 5,898.
* Among other basic metals, aluminum fell 0.5% to $ 1,816.50 a ton, zinc traded stable at $ 2,362 a ton, lead dropped 0.4% to $ 2,085, tin lost 1, 4% to 17,520 dollars and nickel rose 1.6% to 18,130 dollars.
* The shares of Chilean lithium producer SQM rose on Wednesday after it announced plans to invest $ 2.1 billion over the next five years to strengthen its production amid an expected increase in demand for light metal for batteries.
Additional report by Tom Daly; Edited in Spanish by Ricardo Figueroa
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