Copper is included in the thin volume trading when the dollar rises
The price of copper descended in London on Thursday below the pressure of a stronger dollar, but remained in a tight range in the middle of a lower trading volume before the four-day Easter rest, and there were no signs of de-escalation in the trade war between the US and China.
The three -month copper benchmark in the London Metal Exchange (LME) fell 0.8% at $ 9,132 per metric ton in official open trade.
Metals that depend on growth have lost 5% as far as this month as a trade war that has increased between the two largest economies in the world has caused them to impose three digit import tariffs with each other, threatening global growth and demand for industrial metals.
“The tariff can peak, but the de-escalation has not been seen,” Analysts said in Citi in the research record.
The Chinese Ministry of Trade on Thursday urged the US to stop providing “extreme pressure” to Beijing and demanding respects in any trade talks, but both parties still found a dead end on who had to start the conversation. China is the world’s top metal consumers.
Citi hopes that global growth will softe to 2.1% this year, down from only under 3% last year, with growth in 2026 which is projected to recover only slightly to 2.3%, because the effects of the wide US tariff will continue to be revealed.
Since the US announced its tariffs in early April, copper has fallen under all the average movement, which is now at the resistance level. The closest to the current price is the average movement of 100-day at $ 9,284.
The bouquet in the US dollar adds further pressure on the metal market on Thursday, making commodities at a more expensive price for buyers using other currencies.
LME Aluminum fell 0.7% to $ 2,366 per official activity. Already subject to US import tariffs 25%, down 7% this year.
The US will still face a shortage of 3.6 million tons of aluminum even if all unemployed smelting capacity in the country will restart, the main producer of Alcoa said on Wednesday. He expects our aluminum import tariff from Canada to burden the company $ 90 million in this quarter.
LME Zinc fell 0.8% to $ 2,561 per ton, lead rose 0.1% to $ 1,910, tin lost 0.5% to $ 30,650 and nickel fell 0.5% to $ 15,610.
LME Market will be closed on Friday and Monday for Easter holidays.
Source: Reuters
