Copper prices are almost 10% below their April peaks, as the U.S.-China trade fight stokes fears that tariffs will crimp economic activity
A worker melted copper earlier this year at a Cairo shop that supplies material used to make utensils and ornaments. Photo: MOHAMED HOSSAM/EPA-EFE By Amrith Ramkumar May 24, 2019 8:00 a.m. ET Copper prices have erased nearly all of their gains for the year and are on the brink of entering correction territory, a signal that some investors are still wagering on a continued growth slowdown overseas.
Those worries have also hurt shares of multinational industrial companies and chip makers reliant on Chinese demand for their products, though optimism about U.S. economic growth has kept U.S. stocks relatively steady. That faith hasn’t helped copper much, because China—the world’s second-largest economy—accounts for about half of global demand.
Newsletter Sign-up The latest drop has followed the U.S. raising tariffs on roughly $200 billion of Chinese imports and releasing plans to levy duties on a further $300 billion in imports. Beijing has said it plans to lift duties on about $60 billion of U.S. imports starting June 1. Updates on trade “will probably be a seesaw for the next couple of weeks at least, if not even longer,” said George Mateyo, chief investment officer at Key Private Bank.
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