price increase after US postpones tax

Three-month copper on the London Metal Exchange (LME) rose 0.5%.

Three-month copper on the London Metal Exchange (LME) rose 0.5% to $9,146 a tonne.

The metal, used in electricity and construction and often seen as an indicator of global growth, hit a four-week low on Monday before recovering as US President Donald Trump suspended imposing steep tariffs on Mexico and Canada for a month.

However, an additional 10% tariff on Chinese imports has come into effect and has been met with a package of retaliatory measures from China, including tighter export regulations on tungsten and four other key metals.

While there is some relief that the amount falls short of Trump's campaign promise to impose 60% tariffs on Chinese goods, market volatility is expected to persist.

"Uncertainty around tariffs and the potential risk of a global trade war present a challenging short-term outlook (for metals). However, prices are currently supported by a rising premium for copper in New York over London, due to concerns about supply disruptions and speculation about potential measures China may take to boost domestic demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

The most-active U.S. Comex copper futures contract rose 0.6% to $4.331 a lb, representing a premium of $402 a tonne over the LME benchmark.

LME aluminium prices were steady at $2,622 a tonne, zinc rose 0.8% to $2,820, tin rose 0.8% to $30,135, lead rose 0.6% to $1,957, while nickel fell 0.7% to $15,100.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-5-2-tang-gia-sau-khi-my-hoan-ap-thue.html