Trade war drives copper

METALS markets reacted sanguinely to the unfolding trade war with the king of the complex, copper, leading the way.

  • Staff Reporter
  • 21 September 2018
  • 05:21
  • News
Trade war drives copper

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Copper rose nearly 3% at one point midweek before closing up about 2.4% as confidence in the underlying fundamentals ignored new measures from the US.
The bullish sentiment was boosted by talk China will invest in the most metal-heavy area of its domestic economy: infrastructure.
ANZ reported the spectre of stronger growth in infrastructure spending also helped improve sentiment in the bulk commodity markets, with steel futures rising strongly.
And, according to ANZ, with environmental constraints continuing to impact the steel sector the spot price of high grade iron ore (65% iron) landed in China is now on the grade of breaking through $100/t while the lower grade product is languishing below $50/t.
Overnight, the gold price was fixed at $1208.97. 
The WTI crude oil price was down overnight at $70.17 per barrel.
In softer commodities, cocoa increased $6 per tonne or 0.27% to $2201/t yesterday from the $2195 in the previous trading session, reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
Coffee increased 2.55c per pound or 2.64% to 99.25c/lb yesterday from 96.70c/lb in the previous trading session, reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.

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