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Trump Trade War-Zinc, copper futures slump in China

Metal News - Published on Thu, 12 Jul 2018

Image Source: South China Morning Post
Futures contracts ranging from zinc to copper and aluminium on the Shanghai Futures Exchange fell at least 1.2 per cent on Wednesday. The base metals on the London Metal Exchange also traded lower after the US said it was seeking public consultation on a 10 per cent duty on Chinese goods from clothing to television components and refrigerators. The consultation is due to end on August 30. Zinc contracts slumped 5.7 per cent to 20,695 yuan per tonne in Shanghai, copper dropped 3.4 per cent to 48,120 yuan and aluminium slid 1.2 per cent to 14,010 yuan.

Dai Ming, a fund manager at Hengsheng Asset Management in Shanghai, said “The trade war will contain aggregate demand in the economy and the base metals will be hit through slower fixed-asset investments. We are at an all-out trade war.”

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Posted By : Joykumar Irom on Thu, 12 Jul 2018
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