METALS-Copper on track for weekly gain as Trump pauses attack on Iran's energy plants

March 27 (Reuters) - Copper inched up on Friday and was on track to post its first weekly gain since the U.S.-Israel war on Iran began, following U.S. President Donald Trump's statements this week on pausing attacks on Iran's energy plants.

The most-active copper contract SCFcv1 on the Shanghai Futures Exchange rose 0.19% to 95,760 yuan ($13,851.76) a metric ton as of 0320 GMT, and is set to end the week up 1.24%.

The benchmark three-month copper CMCU3 on the London Metal Exchange gained 0.68% to $12,229 a ton, poised to end the week up 2.54%.

Trump on Thursday said he would extend a pause on attacks against Iran's energy plants by 10 days and said talks with Iran went "very well", following his announcement on Monday to pause such attacks for five days.

However, an Iranian official said the proposal to end the war, which had led to an effective shutdown of the key Strait of Hormuz, from the U.S. was one-sided and unfair.

The four-week-old war has hit the global economy, spurring fears of higher inflation and muted growth as surging energy prices weighed on the base metal complex, led by copper.

The Brent futures LCOc1 were heading for their first weekly loss in six weeks after Trump's move to avoid escalation. O/R

Helping copper's sentiment on Friday was also accelerating industrial profit growth in China. Data showed it rose 15.2% in the first two months compared with the corresponding period last year. In 2025, industrial profits only posted a 0.6% yearly growth, according to data from the National Bureau of Statistics.

Yangshan copper premium SMM-CUYP-CN, a gauge of China's appetite for imported copper, was at $68 a ton on Thursday, after touching $69, its highest since July 2025, on Wednesday.

Shifting geopolitical signals and the talks between the U.S. and Iranian sides eased market concerns about a prolonged conflict, but deep divisions remained between the two sides, leaving no clear signals for copper's price outlook, analysts at Chinese broker Galaxy Futures said.

Elsewhere on SHFE, aluminium SAFcv1 rose 0.72%, zinc SZNcv1 gained 1.37%, lead SPBcv1 added 0.43%, tin SSNcv1 climbed 2.48%, and nickel SNIcv1 was little changed, down only 0.02%.

Among other LME metals, aluminium CMAL3 was little changed, ticking 0.02% lower, zinc CMZN3 was up 0.58%, lead CMPB3 rose 0.71%, nickel CMNI3 gained 0.59% and tin CMSN3 climbed 3.51%.

Monday, March 30

DATA/EVENTS (GMT)

1000 EU Consumer Confid. Final Mar

1200 Germany CPI Prelim YY Mar

1200 Germany HCIP Prelim YY Mar

($1 = 6.9132 Chinese yuan)