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President Trump said he will impose tariffs on aluminum and copper

ByVictoria

“We have to bring production back to our country,” he said.

“In the US, manufacturers will have little choice but to pass on higher costs from imports to consumers until the downstream industry (refining/smelting) has undergone suitable investment,” said Natalie Scott-Gray, senior metals analyst at StoneX.

“If Trump imposes tariffs, it will have an adverse impact particularly on aluminum because Europe is already on path to impose a carbon tax and the UK might do it too,” said B.K. Bhatia, additional secretary general at the Federation of Indian Mineral Industries.

Source – Mining.com

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    US President Donald Trump went ahead with 50% tariffs on copper imports but exempted refined metals, which are the mainstay of international trading. The move triggered a record plunge for US prices after a period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.

    “The blow-out in the CME-LME spread has been touted as one of the most profitable commodity trades in modern history,” Daniel Ghali of TD Securities Inc. wrote in a note. “In a single session, the White House’s proclamation on copper tariffs annihilated the spread and catalyzed CME copper’s largest intraday fall on record.”

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    Paul Williams, managing director of Solomon Global, said about the rise in gold prices that it was a “direct response to escalating trade tensions and the growing economic uncertainty that this brings.”

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    Futures – are contracts to buy or sell a specific underlying asset at a future date. In this case we are talking about gold.

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    ByVictoria
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    Spot gold fell 0.6% to $2,934.99 an ounce as of 09:55 a.m. (1455 GMT), after reaching $2,956.15 on Monday.

    U.S. gold futures declined 0.5% to $2,948.60.

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    “I still think that there’s enough uncertainty out there associated with tariffs (and) trade more generally… dips are going to continue to be viewed as buying opportunities,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

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    Gold bullion edged 0.2% lower

    ByVictoria
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    Bullion edged 0.2% lower to around $2,750 an ounce, roughly just $40 short of its all-time high and still set for a fourth straight weekly gain.

    The president has identified China, the EU, Canada and Mexico as potential targets for import levies, though there is uncertainty over whether he will follow through with the threats. 

    Gold traded at 2,751.44 an ounce as of 10:48 a.m. in London. Silver, platinum and palladium fell. The Bloomberg Dollar Spot Index was relatively unchanged.

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    Freeport set to resume copper exports from Indonesia

    ByVictoria
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    Indonesia has restricted raw material exports to pressure companies to refine minerals locally and add value to its exports. Freeport has local refining capacity, but is seeking to keep exporting concentrate due to a fire last October at its Manyar smelterin East Java.

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