This Morning in Metals: Copper, gold up; Hitachi petitions CIT on plate steel duties

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This morning in metals news, copper prices made a bit of a comeback on Thursday, gold neared a 2017 high and a Japanese steel plate manufacturer is asking the U.S. Court of International Trade to reconsider the scope of anti-dumping and countervailing duties with respect to tool steel.

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Copper Bounces Back

After a downward trend for copper, the metal showed signs of recovery on Thursday, according to a Reuters report.

Reports of strong imports and exports in China for May helped give copper a boost after a three-week low this week.

However, analysts indicated that upside for the metal is limited. Given analysts’  expectations of a Chinese growth slowdown in the second half of 2017, among other factors, it would not surprise to see copper experience setbacks throughout the remainder of the calendar year.

Gold Gets Near 2017 High

Similarly, gold neared its year-to-date high on Tuesday, Reuters reported.

The rise comes in a climate of political uncertainty, with an election in the United Kingdom, former FBI Director James Comey’s testimony before the Senate Intelligence Committee on Thursday and a European Central Bank meeting this week.

As is sometimes the case, the “safe-haven” metal is turned to by some investors in times of market uncertainty.

Hitachi Files Complaints to CIT

Hitachi Metals Ltd., a Japanese steel plate manufacturer, filed two complaints on Tuesday to the U.S. Court of International Trade, Law360 reported.

In the complaints against the U.S. International Trade Commission (ITC) and the Department of Commerce (DoC), Hitachi asks the court to get rid of anti-dumping and countervailing duties on tool steel, claiming that it is a specialty class of merchandise and was improperly included in a broader investigation into carbon and alloy steel plate, according to the article.

Hitachi argues in the complaints that the ITC and DoC abandoned previous practice of treating tool steel as a “separate class or kind of merchandise from other [cut-to-length] plate products.”

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