This Morning in Metals: Copper Hits Over One-Week High

by on

Charles/Adobe Stock

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.

Need buying strategies for steel? Try two free months of MetalMiner’s Outlook

Copper Surges

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.

MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel

Spot gold traded at $1,337.50 on Tuesday, according to the report.

Leave a Comment

Your email address will not be published. Required fields are marked *