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Copper Climbs after US Delays Plans to Impose New Tariffs

Metal News - Published on Wed, 14 Aug 2019

Image Source: ET
Copper prices climbed on Tuesday after the United States said its plans to impose 10% tariffs on some Chinese products would be delayed, which helped ease worries about growth and demand in top consumer China. Benchmark copper on the London Metal Exchange ended up 1.5% at USD 5,828.5 a tonne. Tai Wong, head of metals derivatives trading at BMO Capital Markets, said “Copper led the surge in base metals after the US appeared to walk back on Trump’s draconian tariff plans. The news triggered the covering of short copper positions bets on lower prices.”

One copper trader said the knee-jerk reaction to the headlines may not last and we need to see more detail.

A month long trade truce between China and the United States was shattered earlier this month, when President Donald Trump vowed to impose a 10% tariff on USD 300 billion of Chinese imports from September 1. But office of the US Trade Representative said that Trump administration will delay imposing a 10% tariff on some Chinese products

Source :

Posted By : Ratan Singh on Wed, 14 Aug 2019
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