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| Commodity News |
| HeadLine : |
METALS-Copper set to drop for second week, China demand concerns drag |
| Date : |
Jun 22 2018 |
For the week, LME copper is down 3.1 percent and prices in Shanghai have dropped 3.3 percent.
Fears of a full-blown trade war with the United States have magnified concerns about China’s economic outlook following weaker-than-expected growth data for May.
China’s economy is starting to cool under the weight of a multi-year crackdown on riskier lending that is pushing up borrowing costs for companies and consumers, with data pointing to a broad slowdown in activity in May.
“There is downward pressure on copper because of tightening credit,” said Meng Jie Wu, copper analyst CRU in Beijing. “Of course a potential trade war between the U.S. and China is going to put more pressure on prices.”
* TRADE TENSIONS: U.S. President Donald Trump threatened on Monday to hit $200 billion of Chinese imports with 10 percent tariffs if China retaliates against his previous targeting of $50 billion in imports.
Source Reuters
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