This Morning in Metals: Copper Rises For Second Straight Day
This morning in metals news, copper was up again Thursday, the impact of the Trump administration’s steel tariffs on the can business and hearings on the Trump administration’s proposed tariffs on Chinese goods will be extended.
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Copper Price Gains Momentum
The LME copper price rose again on Thursday as low inventories and strong Chinese economic data supported the price, Reuters reported.
Three-month LME copper jumped 0.5% and the most-traded July contract on the Shanghai Futures Exchange rose 0.7%, according to the report.
Tariffs and Cans
The can business is one industry sector that is feeling a negative impact from the Section 232 metals tariffs, as materials costs have risen.
According to a Reuters report, canning industry executives say the tariffs will add $0.04 to the cost of the typical 15-ounce can, which usually comes in at a cost of $0.17.
The tariffs have a ripple effect, one that trickles down to those in lower income brackets, according to the report.
Hearing Them Out
A hearing scheduled for May 15 on the subject of proposed tariffs on Chinese goods has been extended to include sessions on May 16 and May 17, according to a Bloomberg report.
A number of companies and lobbying groups have filed requests to testify during the hearing, according to the report.
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Trade tensions between the U.S. and China escalated in recent weeks when President Trump proposed $50 billion in tariffs on China goods. That led to a reciprocal Chinese threat of $50 billion in tariffs. The situation escalated further when Trump proposed a potential additional $100 billion in tariffs.
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