By Katharine Gemmell

(Bloomberg) — Copper (HG=F) edged higher with most other metals after President Donald Trump handed out exemptions to his punishing tariffs on some products, nudging up sentiment across financial markets.

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The US leader paused import levies on a suite of consumer electronics including smartphones to memory chips late on Friday. That provided temporary respite for markets after Trump’s trade policies sowed deep uncertainty. Still, by Sunday he was pledging to apply different, specific tariffs to phones, computers and popular consumer electronics.

The Bloomberg Dollar Spot Index fell as much as 0.5% on Monday to fresh lows this year, retreating for a fifth straight session as some traders remained skeptical about the tariff exemptions. Concern the levies will trigger a global recession have spurred losses across commodities during the past month.

China’s March trade data released Monday showed that metals exporters front-loaded shipments in anticipation of worsening trade frictions, in the last full month before the US tariffs make an impact. Steel exports rose 5.7% to a five-month high, while aluminum was steady despite the withdrawal of China’s export tax rebate in December. Meanwhile, iron ore imports dropped.

After its lowest close in close to 11 months on Wednesday, copper rallied late last week. It was trading 0.5% higher at $9,195 a ton on the London Metal Exchange as at 3:10 p.m. Shanghai time. Nickel also gained, while aluminum was steady. Meanwhile, Singapore iron ore futures edged up 0.6% to $97.65 a ton.

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