Copper metal price on February 4: increased again

Copper futures on the London Metal Exchange rose 0.4%.

Aluminium futures on the London Metal Exchange rose 1.4% to $2,628.50 a tonne. Copper rose 0.4%, zinc rose 1.9% and nickel was little changed.

Trump announced a 10% tariff on imports from China, as well as a 25% tariff on Canada and Mexico. China's commerce ministry pledged "corresponding countermeasures," without elaborating, and also said it would file a complaint with the World Trade Organization.

Aluminum initially lost more than 1.6% on the London Metal Exchange before recovering and rising slightly in U.S. trading. Copper also erased losses, signaling investor hesitation ahead of the planned tariffs on Tuesday.

Aluminum is likely to be the most heavily disrupted item, as Canada accounts for 69% of U.S. imports by 2023, said George Heppel, an analyst at BMO Capital Markets.

A global trade war could fuel inflation, keep interest rates high for longer and act as a drag on global growth and metals demand. It could also lead to countries restricting exports of critical minerals. China, the world’s largest consumer of most metals, is still struggling to revive its economy, which has yet to fully recover from Covid-19, although it is now likely to ramp up stimulus measures.

“While the energy transition and a recovery in economic growth in Europe will support metals demand, the tariffs proposed by Trump will limit demand growth as business confidence will remain low,” ANZ Group Holdings Ltd. said.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-4-2-tang-tro-lai.html