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Trump Trade War-Base metals sink at LME on fresh US tariff threat

Metal News - Published on Thu, 12 Jul 2018

Image Source: Vox
Reuters reported that Copper, zinc and lead prices slumped to their weakest in about a year and other metals also sank in a broad selloff on Wednesday after the United States raised the stakes in a trade war with China with threats of more tariffs. The Trump administration said it would slap 10 percent tariffs on another $200 billion worth of Chinese imports, raising fears the festering trade dispute between the world's two biggest economies could hit global growth.

Three-month copper on the London Metal Exchange dropped as much as 4 percent to $6,081 a tonne, its lowest since July last year. It was down 3 percent at $6,141.50 by 0710 GMT. On the Shanghai Futures Exchange, the most-traded copper fell as much as 47,520 yuan ($7,135) a tonne, its weakest since June last year, before closing at 48,120 yuan, down 3.4 percent.

Zinc dropped by its 6 percent downside limit in Shanghai to 20,620 yuan per tonne, the lowest since June last year. It fell as much as 4.8 percent to $2,503 in London, the lowest since June 2017.

LME lead slid by up to 4 percent to $2,220 a tonne, the lowest since July last year

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Posted By : Joykumar Irom on Thu, 12 Jul 2018
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