Copper hits 9-month low amid trade tensions between US and China

Copper fell to a fresh nine-month low on Wednesday ahead of the implementation of trade tariffs on goods from China and the United States which could dampen demand for the industrial metal. Benchmark copper on the LME slipped 0.5 per cent to $6,456 per tonne by 1051 GMT, its weakest since September 2017.
 

“Trump (US President Donald) is not fostering global trade,” said Julius Baer analyst Carsten Menke.

“There is scrutiny about the export side of the market in terms of copper-containing household goods or electronics being shipped out of China and we believe that will stay with us at least until US mid-term elections in November.” Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day.