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.
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.
The company expects earnings before interest, taxes, depreciation and amortization (EBITDA) of $578 million for 2018, according to the report.