This Morning in Metals: Copper Near 10-Week High Despite Trade Tensions
This morning in metals news, copper prices approached a 10-week high, trade tensions continue to rise between the U.S. and China, and an Australian coal miner boasts a $4.4 billion IPO.
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Copper Prices Hover Near 10-Week High
Even with trade tensions weighing on markets, copper prices reached nearly a 10-week high, according to Reuters, despite dropping on Monday.
The U.S. recently announced a new batch of tariffs on Chinese goods amounting to $200 billion, while China responded with $60 billion in tariffs on U.S. goods.
China Says U.S. is Acting Like a Trade Bully
As trade tensions took a big leap forward in recent weeks, China has accused the U.S. of trade bullying, according to a BBC report.
The U.S.’s $200 billion in tariffs and China’s retaliatory $60 billion in tariffs went into effect today.
Coal Miner Has $4.4B IPO
An Australian coal miner, Coronado Coal, boasted a $4.4 billion IPO listing, the highest since the mining boom, according to The Sydney Morning Herald.
MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel
The company expects earnings before interest, taxes, depreciation and amortization (EBITDA) of $578 million for 2018, according to the report.
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