World Economy
0

London Metals Cut Losses

London Metals Cut LossesLondon Metals Cut Losses

London metals edged higher and Shanghai contracts cut early losses as the US dollar eased on Tuesday after the United States threatened wider tariffs on Chinese goods, escalating trade tensions between the world’s top two economies, Reuters reported. London Metal Exchange copper climbed 0.5% to $6,996.50 a ton, paring losses on Monday when prices plumbed the lowest in two weeks at $6,886.75 before finding support at the 200-day moving average. Shanghai Futures Exchange reopened after a long holiday weekend, reflecting losses seen late last week on simmering trade US China trade concerns. However, metals pared early losses after the US tariff statement. SHFE copper was down 1.3% at 52,800 yuan ($8,202) a ton. US President Donald Trump threatened to impose a 10% tariff on $200 billion of Chinese goods, escalating a tit-for-tat trade war with Beijing. The US Commerce Department has determined that Chinese common alloy aluminum sheet products are being sold in the US market at less than fair value and will be subject to preliminary anti-dumping duties of 167.16%.

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com