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T. Rowe Price Set to Report Q2 Earnings: What's in the Cards?

(Bloomberg) -- Copper edged higher as the dollar weakened and a deadline for a US tariff on the industrial metal loomed.

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The global copper market has been in turmoil in recent weeks, after President Donald Trump said he’d impose a higher-than-expected levy as he aims to revive domestic mining and refining. The administration is due to implement a 50% tariff on imports from Friday, but there are few details beyond the headline rate.

Chile, by far the biggest shipper of copper to the US, said it will push for an exemption when trade talks begin in Washington on Monday. However, US Trade Representative Jamieson Greer said that eventual duties would be applied globally, without any exemptions for particular countries.

The Aug. 1 deadline signaled the endgame for a profitable trade to ship copper to the US, which drained supplies elsewhere. The tightness has eased recently, with spreads on the London Metal Exchange and Shanghai Futures Exchange switching to a market structure known as contango, pointing to ample immediate supplies.

Investors were also monitoring the progress of trade talks between the US and China, as Trump prepares to decide whether to extend the current tariff truce. A renewal of the agreement, set to expire in two weeks, would signal a further step toward stabilizing relations between the world’s two largest economies.

Copper rose 0.2% to $9,817 a ton on the LME at 11:03 a.m. in Shanghai. Other metals also advanced, while nickel dropped 0.4% to $15,260 a ton.

Meanwhile, iron ore was steady at $102.85 a ton in Singapore, while the yuan-priced contract in Dalian edged lower.

--With assistance from Martin Ritchie and Yihui Xie.

(Updated with iron ore prices)