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.
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
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