10:54 AM EDT, 10/21/2025 (MT Newswires) -- Copper prices fell 1.9%, erasing gains from the previous week, as the market remains cautious ahead of trade talks between the U.S. and China, RBC Capital Markets said in a Monday note.

U.S. President Donald Trump warned of new tariffs if no deal is reached, while China maintained its 5% growth target despite mixed economic signals, the bank noted.

China's third-quarter GDP grew 4.8%, compared with 5.2% in the second quarter, and showed weaker retail sales, RBC said. The country's factory output grew to offset some of the consumer softness.

Concerns about supply remain as Panama asserts ownership of First Quantum Minerals' ( FQVLF ) Cobre Panama mine. However, Panama's GDP growth is running below the LT average, which could pressure the government to reopen, according to RBC.

Copper equities were up by 1.1% despite falling copper prices. This is likely due to broader equity market strength and a weaker U.S. dollar, the bank said. Meanwhile, gold surged 5.8% amid the current geopolitical environment.

China's rare earth magnet exports fell 6.1% in September, raising concerns about potential export curbs that could disrupt critical industries, RBC said.

Price: 60.30, Change: -1.84, Percent Change: -2.96