Black day for metals

DONALD Trump’s escalating trade war with China took a heavy toll on commodities overnight.

Black day for metals Black day for metals Black day for metals Black day for metals Black day for metals

Donald Trump

"Commodity markets were hit by the announcement of the list of Chinese goods that will be targeted by US$200 billion of new tariffs from the Trump Administration if an agreement is not forged by 30 August," ANZ Research said.

Lead was the worst-hit, falling by 5.3% to a 13-month low of US$2180 per tonne., while zinc also hit its lowest level since June 2017.

Copper slumped by a further 3% to $6130/t, a one-year low.

Nickel and tin were down by around 2% each.

Recently battered, but thinly traded cobalt was the only winner, rising by $500 back over $70,000/t.

As Bloomberg quite rightly pointed out, it was Trump's election in late 2016 that triggered the rally in metals with the promise of major infrastructure spending (that hasn't eventuated) an...

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