This morning in metals news, aluminum industry officials testified to the U.S. International Trade Commission regarding the ongoing aluminum foil investigation, Mexico’s economy minister says automotive rules of origin will change as part of the ongoing renegotiation talks surrounding the North American Free Trade Agreement (NAFTA) and copper is on track for its biggest weekly drop in two months.
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Aluminum Industry Testifies to ITC
Representatives of the aluminum industry in the U.S. testified before the ITC earlier today as part of the final phase of an investigation of aluminum foil imports.
“The relief we seek will help ensure that the U.S. aluminum foil industry can compete fairly in the U.S. market,” Aluminum Association CEO and President Heidi Brock said in her testimony. “The Aluminum Association is committed to combating unfair trade practices that impact our industry while we strive for a level playing field. The U.S. government must enforce its trade rules so that companies can continue to innovate, invest and grow with confidence in the United States.”
Brock’s full testimony can be read here.
Rules of the Road
Renegotiation talks surrounding NAFTA, the 24-year-old trilateral trade deal, have been contentious at times. The U.S. negotiating team has sought to win concessions from Canada and Mexico, among them including tighter automotive rules of origin.
On Thursday, Mexico’s Economy Minister Ildefonso Guajardo said the rules of origin will change, Reuters reported.
Copper Continues Down Week
In good news for copper buyers, the price of the metal has dipped significantly this week amid significant market volatility.
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According to Reuters, copper is on track to post its biggest weekly loss since early December. London copper dipped below the $7,000 mark yesterday, closing at $6,837 per ton.