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As on: Feb 24, 2019 12:02 PM
Copper Faces Carnage, Down by More Than 2 Percent
11-Jul-18   17:34 Hrs IST

Copper prices slumped to their weakest level in a year and zinc fell to 13-month lows amid a broad selloff on Wednesday after the Trump administration said it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.

Indian Copper is now facing a terrible decline of 2.3%. The metal was last seen trading at Rs 422.85 per kg. The prices are likely to inch closer to Rs 400 per kg if this sort of carnage continues in the metal.

U.S. President Donald Trump's latest tariff threat escalates an already deepening trade war between the world's two biggest economies, fuelling risk aversion across assets from commodities to equities.The Trump administration said it would slap 10 percent tariffs on another $200 billion worth of Chinese imports, raising fears the festering trade dispute between the world's two biggest economies could hit global growth.

U.S. officials released a list of thousands of Chinese imports the administration wants to hit with the tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminium.Metals fell the most among commodities, with nickel, tin and aluminium dropping to multi-month lows.

The Philippines' nickel ore exports could drop by up to 17 percent this year as weaker prices curb output in the world's second-biggest supplier, the head of a nickel mining industry group said on Tuesday.

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