China US Trade Negotiation News Supports Copper Prices

Image Source: ft.com

Copper prices touched their highest in more than two weeks as positive signals from the China US trade negotiations stoked hopes of improving global appetite. The most-traded copper contract on the Shanghai Futures Exchange advanced as much as 0.7% to CNY 47,410 (USD 6,735) a tonne, its highest since November 11. Benchmark three-month copper on the London Metal Exchange dipped to USD 5,870 a tonne, easing from a two-week high touched in the previous session.

US President Mr Donald Trump said that “The United States and China are close to agreeing on the first phase of a trade deal. They are in the final throes of work.”

The 16-month dispute has been weighing on global economic growth and demand for industrial metals, so signs of progress often support metals prices.

Source : Strategic Research Institute, SteelGuru