Three-month copper on the London Metal Exchange (LME) fell 0.8% to $9,056.50 a tonne, while aluminium fell 1.0% to $2,599.50 after US President Donald Trump imposed steep tariffs on imports from China, Canada and Mexico.
China has issued a statement condemning the 10% tariff imposed on Chinese imports. The US unilateral tariff increase is a serious violation of World Trade Organization (WTO) rules. China will file a complaint with the WTO over the wrongdoings and will take corresponding countermeasures to firmly protect its own rights and interests.
However, China did not immediately announce measures, suggesting a measured approach rather than outright escalation.
Experts believe the latest tariffs could escalate tensions between the world’s two largest economies. If China files a complaint with the WTO or imposes retaliatory tariffs, the global trade landscape could see new disruptions. Meanwhile, President Biden, who previously pushed China to restrict the supply of fentanyl precursors, has yet to respond to the latest developments.
LME copper is on track to fall 2.5% last week, its worst performance in two-and-a-half months, but is still set to record its first monthly gain since September, with a 3.3% gain in January.
“The reality is that most funds are interested in other commodity spaces, such as energy, precious metals and agriculture, where they see a clearer picture. So our space is more dominated by higher frequency types,” said Alastair Munro at brokerage Marex.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-3-2-giam-do-lo-ngai-ve-thue-quan.html
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