Melbourne : Shanghai copper on Friday touched its lowest since September as the dollar edged upwards and investors focused on escalating tensions over U.S. metal imports.
A stronger greenback makes metals more expensive for holders of other currencies, weighing on prices.
U.S. President Donald Trump´s 25 percent import tariff on steel and 10 percent tariff on aluminium, with initial exemptions for Canada and Mexico, will begin within 15 days, a senior administration official said on Thursday.
Nomura, however, played down the impact on exports from top steel and aluminium maker China, noting that the “U.S. share of China´s total steel and aluminium exports was only (around) 16 percent”.
Shanghai Futures Exchange copper fell by 2 percent to 51,110 yuan ($8,058.97) a tonne, its lowest since Sept. 18, before recovering slightly to 51,330 yuan a tonne by the mid-session interval.
Source: FS – All – Economy – News 2