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COPPER PRICES Drop TO NEAR 3-MONTH LOW AHEAD OF U.S.-CHINA TRADE TALKS
Release time:2019-05-10Browse times:45

Prices of base metals fall on Thursday, with Copper striking its lowest in nearly 3 months, as investors shied away from riskier assets amid mounting tensions ahead of crucial trade talks between the United States and China.


The two sides will hold two-day negotiations in Washington from Thursday, with U.S. President Donald Trump threatening to increase tariffs on $200 billion worth of Chinese goods on Friday. 



The bruising trade war, which has slowed the global economy, is clouding the outlook for demand from top metals consumer China.



Ahead of the talks, Trump said China "broke the deal" in negotiations with Washington and vowed not to back down on imposing new tariffs on Chinese imports unless Beijing "stops cheating our workers"



Apart from the tariff hike on Friday, Trump also upped the ante by saying he would impose 25% tariffs on the remaining $325 billion of Chinese goods imported into the United States.



Trump's tariff measures "threaten to take the trade war to the worst-case 'conflagration' scenario that we considered last year," said Steve Cochrane, Chief APAC Economist at Moody's Analytics.


"It is in the interests of both sides to bring the trade negotiations to a close and focus on policies appropriate for economic stability," Cochrane added.



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