London copper sinks to three-week low, Shanghai copper contract drops

Business | 2 Aug 2019 3:34 pm

London copper tumbled to its lowest in over three weeks after U.S. President Donald Trump said he would impose a 10 percent tariff on the remaining US$300 billion of Chinese imports from next month, Reuters reports.

Three-month copper on the London Metal Exchange (LME) hit US$5,808.50 a ton, its lowest since July 9, while nickel tumbled by 2.9 percent before rebounding to fall by 0.8 percent.

“Trump’s new Tweet has made price drop ... while China’s copper demand is actually weaker than our expectation, especially for construction, automobile and home appliances,” CRU copper analyst He Tianyu said.

LME aluminium eased by 0.1 percent, zinc dropped by 1.3 percent, lead fell by 0.9 percent and tin was trading 0.1 percent lower.

The most-traded copper contract on the Shanghai Futures Exchange dipped by 0.5 percent, aluminium eased by 0.5 percent, zinc fell by 0.3 percent and lead dropped by 0.6 percent%. But nickel gained by 1.4 percent and tin advanced by 0.3 percent.

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