This morning in metals news, the copper price has surged to its highest level in 7 1/2 months, Canada’s ambassador to the U.S. is confident the U.S.’s Section 232 steel and aluminum tariffs will be coming to an end soon and China’s state-backed Chinalco plans to sell an aluminum plant for just under $164 million.
Copper Jumps to 7 1/2-Month High
The copper price, after a sluggish close to 2018, has surged to a 7 1/2-month high, Reuters reported.
Copper jumped 1.2% Friday, up to $6,454 per ton — its highest level since July 4, according to the report.
Canadian Ambassador to the U.S. on Section 232
It has been a year since the Trump administration went forward with Section 232 tariffs on imported steel and aluminum.
Furthermore, it’s been nearly nine months since the tariffs went into effect for NAFTA ally Canada.
Canada, along with Mexico and the E.U., initially won temporary exemptions to the tariffs; however, the exemptions expired as of June 1, 2018.
According to David MacNaughton, Canada’s ambassador to the U.S., he expects the tariffs to be removed in the next few weeks, Global News reported.
Chinalco Looks to Sell Aluminum Plant
China’s state-backed Chinalco is looking to sell its Guangzhou processing plant for $163.7 million ($1.1 billion yuan), Reuters reported.
According to the report, Chinalco said the plant made a loss of 15.41 million yuan in 2018.