Gold is on display at Korea Gold Standard in Seoul, Wednesday. 

Copper prices are climbing, propelled by the recent sustained rally of gold and silver amid investors’ preference for safe-haven assets, market watchers said Friday.

Underpinning the upward trajectory is risk-off sentiment, brought on and amplified by Trump tariff uncertainties and delayed hopes of swift easing by the U.S. Federal Reserve.

Many say the relatively undervalued commodity will have further room to increase, unlike gold that nearly peaked before a correction followed by a potential downtrend.

According to the U.S. Commodity Exchange (COMEX), a futures and options market for trading metals such as gold, silver and copper, copper rose 12.29 percent year-to-date.

Silver and gold over the same period increased 14.12 percent and 11 percent, respectively.

Gold exchange-traded funds (ETFs) climbed 47.24 percent last year.

However, the figures for silver ETFs and copper ETFs were limited to 16.43 percent and 1.75 percent, respectively, leaving room for further profit.

A Daishin Securities report said gold is nearing its peak.

“The previous high of $2,946 per ounce is nearly reached. A short-term overshoot to the $3,000 level is possible, but a wave of profit-taking can follow due to pressure from the high level,” the report said.

A Meritz Securities report said strong global copper prices are likely, aided by sustained demand from the U.S. before Trump's tariffs imposition.

“The U.S. move to increase copper storage will drive demand,” the report said.

The Comex April gold contract came to $2,950.90 per troy ounce, Tuesday (local time), up 1.73 percent, or $50.2.

Source: Koreatimes