Breaking News
0

Copper Prices Hit 1-Year Lows on U.S. - China Trade Fears

CommoditiesJul 11, 2018 04:52AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Copper hits 1-year low on U.S. - China trade fears

Investing.com - Copper prices fell sharply on Wednesday, hitting one-year lows amid a wider selloff in industrial metals sparked by fears that a second round of U.S. tariffs on Chinese imports could hit demand for metals, particularly if Chinese growth is affected.

Copper futures for September delivery were down 2.98% to $2.753 a pound by 04:51 AM ET (08:51 AM GMT) after falling as low as $2.717 overnight, the weakest since July 19, 2017.

Prices of the industrial metal fell after the U.S. said it is likely to soon place tariffs on an additional $200 billion worth of Chinese imports, escalating a trade spat between Washington and Beijing.

U.S. trade representative Robert Lighthizer said the U.S. was acting because China had not heeded previous warnings to halt unfair trade practices.

News of the additional tariffs pushed fears of a trade war back into focus just days after the U.S. imposed 25% tariffs on $34 billion of Chinese imports, and Beijing retaliated with matching tariffs on the same amount of U.S. imports.

The tit-for-tat tariffs have fueled worries that the world’s two largest economies could descend into an all-out trade war, which investors fear could hit global growth.

Prices for copper, which is widely used in manufacturing and construction, are down 6.44% for the month and have fallen almost 16% so far this year as investors focused on trade threats.

Meanwhile, zinc futures were down 2.13% to trade at $2,569.75, pulling back from an overnight low of $2,503.00, which was the weakest level since mid-June, 2017.

Nickel futures were down 3.25% to near 10-week lows of $13,712.50, while aluminum futures shed 0.97% to trade near three month lows at $2,067.00.

In precious metals, gold futures were down 0.3% to $1,251.60, while silver futures shed 0.51% to trade at $16.005 and platinum futures slid 0.22% to $844.30.

Copper Prices Hit 1-Year Lows on U.S. - China Trade Fears
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email