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Copper, aluminium and nickel rally on hopes of lower US tariffsCopper jumped 2.3% in London as Chinese markets reopened, boosted by US tariff plans and strong demand. Aluminium, nickel, and the CSI 300 Index also rose.By Gareema Bangad  February 24, 2026, 9:54:48 AM IST (Published)2 Min ReadBase metals advanced after Chinese markets resumed trading following the Lunar New Year holiday, with investors reacting to signs that the country could face lower US tariffs.

Copper climbed as much as 2.3% in London to approach $13,200 a tonne, while aluminium and nickel also moved higher.

The gains followed proposals from the US administration to impose a 15% levy on Chinese goods after the Supreme Court struck down President Donald Trump’s earlier reciprocal tariffs, potentially easing pressure on China’s metal-heavy export sector.

Mainland equities also echoed the positive note, with the CSI 300 Index rising in early Tuesday dealings. Morgan Stanley estimates that, if confirmed, the proposed framework could reduce the average US tariff on Chinese goods to 24% from 32%.

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Jon Li, an analyst at Guangzhou Finance Holdings Futures Co., told Bloomberg that the US news is bullish for metals. He added that demand from manufacturers is likely to recover.

Copper has been trading near record levels since reaching an all-time high in January, with price swings driven by shifts in US trade policy, supply disruptions at mines and expectations of stronger demand linked to the energy transition.

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Elevated prices have weighed on physical buying in China, contributing to rising exchange-monitored inventories, Bloomberg noted. Stockpiles have also increased in the US and in warehouses tracked by the London Metal Exchange.

As of 10.48 am in Shanghai (8.18 am IST), copper was up 2.3% at $13,158.50 a tonne on the LME, while aluminium gained 0.9% to $3,118.50 a tonne, according to Bloomberg.Continue ReadingTagsaluminium pricesbase metal priceschinaglobal copper pricesnickelUS President Donald TrumpUS tariffs