Industrial metals declined across the board as investors grapple with the uncertainty of the Trump administration’s tariffs, while signs of weakness in China’s economy added to the murky outlook for global growth.
Chinese inflation figures released on Sunday pointed to stubborn weakness in demand as the world’s second-biggest economy struggles through a yearslong property crisis. At the same time, President Donald Trump warned the US economy faces a “period of transition,” following market turmoil fueled by his trade policies.
Copper extended its slide from a four-month high, dropping 0.3 per cent to $9,588 a ton by 10:23 AM Shanghai time on the London Metal Exchange. Aluminum also declined, while iron ore futures in Singapore eased to $100.40 a ton.
Industrial commodities have so far been reasonably resilient in the face of the trade wars unleashed by Trump since he assumed office in January. The LMEX Index of six base metals touched its highest in nearly five months on March 6, and copper is up over 9 per cent to date this year.
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