This Morning in Metals: Copper Hits Over One-Week High
This morning in metals news, copper hits an over one-week high, President Trump is pushing for a preliminary deal on the North American Free Trade Agreement (NAFTA) by mid-April and gold could reach $1,400 if a trade war ensues.
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Strong manufacturing growth in China powered the copper price to its highest level in over a week, Reuters reported.
After a sluggish March for LME copper, it jumped 1% Tuesday to $6,777/mt, according to the report.
NAFTA Deal This Month?
Canada, Mexico and the U.S. have now gone through seven rounds of renegotiation talks focused on NAFTA, the 24-year-old trilateral trade deal.
According to a Bloomberg report, President Trump wants to reach a preliminary deal on NAFTA by mid-April.
Ambitious timelines for a NAFTA conclusion have been heard before, particularly last fall when the U.S. negotiating team expressed a desire to close on a deal before the end of the 2017 calendar year. According to the Bloomberg report, the countries still remain far apart on some issues. So, for now, a deal within the next couple of weeks, while not impossible, might be seen as improbable.
Gold Could Soar if Trade War Kicks Off
The precious metal could jump over $1,400/ounce if a trade war starts, according to Rick Rule, CEO of Sprott U.S Holdings Inc., Bloomberg reported.
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Spot gold traded at $1,337.50 on Tuesday, according to the report.
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