Commercial War: Copper goes down and follows at least 12 weeks
Copper prices eased on Wednesday and moved near their lowest level in 12 weeks, despite some opportunity purchases that helped mitigate the decline, but investor confidence was still weak because of fears that tariff disputes would damage the economy. growth of the big economies.
Three-month copper in the London Metal Exchange (LME) fell 0.26% to US $ 6,693.50 per tonne at 1125 GMT, after having previously fallen to US $ 6,667, a floor not seen since April 4 .
The underlying fundamentals of supply and demand have been generally strong in most metals, but prices have been undermined by trade disputes involving the United States, China and the European Union, according to analysts.
“These losses respond merely to financial market fears and it is difficult to predict when they will bottom out.From the fundamentals perspective, I have no concerns at this time,” said Colin Hamilton, BMO commodity director.
He added that now the markets will be focused on the publication of data from China’s manufacturing sector this weekend, with the aim of having greater clarity about the demand scenario of the world’s largest consumer of metals.
The impact of trade tensions with the United States brought down the Chinese stock market and stock markets in other parts of the world, while the yuan also suffered a sharp depreciation.
As for other industrial metals, tin fell 1.72% to US $ 19,755 a ton, after having previously declined to its lowest level since December 29.