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Trump Trade War - Copper prices drop amid US-China trade deadlock

Metal News - Published on Tue, 14 May 2019

Image Source: The Economic Times
Reuters reported that copper prices fell on Monday, pressured by concerns over the outlook for the global economy as Washington and Beijing appeared at a deadlock in talks to end a bitter trade war. The trade conflict between the world’s top two economies escalated on Friday, with the United States hiking tariffs on USD 200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations.

White House economic adviser Larry Kudlow told the “Fox News Sunday” programme that the sticking point was China’s reluctance to put into law changes that had been agreed upon, while Beijing remained defiant.

FUNDAMENTALS

1. Three-month copper on the London Metal Exchange had fallen 0.3% to USD 6,107 a tonne by 0124 GMT, while the most-traded copper contract on the Shanghai Futures Exchange was almost unchanged at 47,750 yuan (USD 6,999.72) a tonne.

2. Copper prices would be 5% to 15% higher without the US-China trade war, the chairman for Chile’s Antofagasta Plc told a Chilean newspaper on Sunday.

3. London aluminium fell 0.5%, nickel was down 0.5% and zinc eased 0.1%. Shanghai aluminium rose 0.9% and nickel increased 0.3%, while zinc fell 0.3% and lead decreased 0.9%.

Source :

Posted By : Rabi Wangkhem on Tue, 14 May 2019
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