Commodity News
HeadLine : Copper rebounds from more than 4-month low as dollar eases
Date : May 24 2019
Copper prices rebounded on Friday from their lowest since Jan. 14 hit in the previous session, as the U.S. dollar eased, but were heading for their sixth straight week of losses on a prolonged U.S.-China trade war. U.S. President Donald Trump said on Thursday Huawei could be included in the U.S.-China trade deal after last week banned U.S. firms from doing business with the Chinese company, which is the world’s largest telecoms network gear maker. The metals market gained some support as the dollar fell from a two-year high overnight and was largely unchanged on Friday, on fears that a trade war with China will hurt the U.S. economy more than expected and on expectations of a rate cut. A weaker dollar makes dollar-denominated metals cheaper to imports using other currencies. Chile’s SQM, the world’s No. 2 producer of lithium, said it would delay a key expansion of production capacity from the Atacama salt flat until the end of 2021 amid a slump in prices for the coveted battery metal.

Source: Reuters
News Archives: