This morning in metals news, LME copper jumped 1% Thursday, China Minmetals Corporation will buy over 2 million tons of iron ore from miner Rio Tinto next year and India is challenging a World Trade Organization (WTO) ruling on its steel safeguard against Japan.
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LME Copper Bounces Back
As the year draws to a close, LME copper surged 1% Thursday, Reuters reported.
The price bounced back from a three-month low reached this week.
Minmetals to Buy From Rio Tinto
Chinese state-owned firm Minmetals is planning on buying 2.04 million tons of iron ore from miner Rio Tinto next year, according to a report by the Hellenic Shipping News.
India Challenges WTO Ruling
India is disputing a ruling by the trade body, which came in against India’s duty on some steel products from Japan, The Telegraph India reported.
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The WTO ruling indicated India had broken its rules by imposing the safeguard duty on steel, which started at 20% before falling to 10%, according to the report.