This Morning in Metals: LME, SHFE Copper Prices Slide
This morning in metals news, copper slides, one business says it has been impacted by the Trump administration’s Section 232 steel tariff and a November train derailment had a major impact on miner BHP’s production totals.
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Copper Slides
The price of London copper continues to fall as the Chinese economy’s growth slows, Reuters reported.
LME copper was down 0.2% Tuesday, while the most-traded SHFE copper contract dropped 0.8%, according to the report.
Tariff Effects
Some U.S. companies have been vocal about what they perceive to be the negative impact of the Trump administration’s metals tariffs. For example, Big Three automaker Ford last year said the tariffs would cost it $1 billion in profits.
Similarly, according to a FOXBusiness report, one robotics company with $100 million in annual sales is facing some tough decisions due to the tariffs (according to the company’s CEO).
BHP Production Numbers
In reporting its production figures, the impact of a November train derailment shows in miner BHP’s numbers.
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According to an ABC News report, the November train derailment in Western Australia cost the firm U.S. $600 million in iron ore production.
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