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.
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.
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.