Metals-Copper extends losses in volatile trade amid trade war fears


MANILA, May 20 (Reuters) – Prices of copper and other industrial metals fell on Monday as investors remained wary about heightened trade tensions between the United States and China, with a strong dollar adding pressure.

Beijing has called on Washington to show “sincerity” if it is to hold meaningful trade talks, after the United States put China’s Huawei Technologies Co Ltd, the world’s biggest telecoms equipment maker, on a trade blacklist.

Newsletter sign up

There’s a lot of headwinds and it’s difficult to predict what will happen next

in the trade dispute, said Helen Lau, metals and mining analyst at Argonaut Securities in Hong Kong.

The dispute has fuelled fears of a further global economic slowdown and weak demand for industrial metals.

The stronger U.S. currency, which makes dollar-denominated metals more expensive for buyers paying in other currencies, also weighed on sentiment.

Benchmark three-month copper on the London Metal Exchange was down 0.3% at $6,040 a tonne as of 0716 GMT, after a modest rebound earlier in the session from last week’s slump.

The most-traded copper contract on the Shanghai Futures Exchange edged down 0.5% to 47,620 yuan ($6,891.86) a tonne.

Read More

Are you enjoying the article? Join our community for even more!


Click Here

Related posts

Trade wars and regulatory threats challenge tech leadership as the market flirts with a new high

Camila Coutinho

U.S.-China trade war to strike notebook PCs from tech hardware hub Taiwan

Camila Coutinho

Trump trade deal with Mexico, Canada still faces hurdles

Camila Coutinho

Leave a Comment