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Copper back above $6,000/t

Copper has reached its highest point this month on hope of a resolution to the trade war.
Copper back above $6,000/t Copper back above $6,000/t Copper back above $6,000/t Copper back above $6,000/t Copper back above $6,000/t

Staff reporter

The red metal rose by 0.5% to US$6013.50 per tonne, its first time above $6000/t in September.

Its 2018 high was $7330.50/t in June.

"Metals prices are gaining on the back of potential for renewed US-China trade talks," Bloomberg quoted BMO analyst Colin Hamilton as saying.

"Even should these yield no result, any indication that Chinese metal-intensive spend is increasing on the back of the recent fiscal push should also help to improve market sentiment."

However, not all metals were up, with lead the only other base metal enjoying a rise of nearly 1.1%, while aluminium was flat.

Zinc, nickel, tin and cobalt were all slightly lower.

Gold futures rose as high as $1218 per ounce on a weaker US dollar, but pulled right back to $1206.80/oz, lower than this time yesterday.

Spot gold was $1202.23/oz or A$1671.06/oz.

US stocks were up by more than 0.5% overnight and ASX futures were up 27 points.