This morning in metals news, the copper price picked up steam, the U.S. terminated the status of India and Turkey as beneficiaries of the Generalized System of Preferences (GSP) program, and Vale SA shares fell as the Brazilian miner’s CEO and other executives resigned over the weekend.
Copper Price Rises on China News
The copper price made gains Tuesday, Reuters reported, after China announced new stimulus measures that included tax cuts and infrastructure spending.
Benchmark LME copper was bid up 1.2% to $6,487 per ton, according to the report.
U.S. Removes GSP Designation from Turkey, India
The Office of the United States Trade Representative (USTR) announced Monday that it is terminating the status of India and Turkey as beneficiaries of the GSP program.
The GSP program allows some products to come into the U.S. duty-free if the exporting countries meet certain eligibility criteria, including maintaining efforts to combat child labor and protect intellectual property rights, among others.
“India’s termination from GSP follows its failure to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors,” a USTR release stated. “Turkey’s termination from GSP follows a finding that it is sufficiently economically developed and should no longer benefit from preferential market access to the United States market.”
Vale CEO Resigns
The CEO of Brazilian miner Vale SA resigned over the weekend, CBC reported, sending shares down as the company struggles in the wake of a dam breach at its Corrego do Feijao mine in January that left more than 300 dead.
“Vale informs that, at the end of Friday, March 1st 2019, its Board of Directors received from the Federal Public Prosecution Office (Ministério Público Federal), the Public Prosecution Office of the State of Minas Gerais (Ministério Público do Estado de Minas Gerais), the Federal Police and the Civil Police of Minas Gerais the Recommendation Nº 11/2019 with considerations and recommendations on the dismissal of some executives and employees at various levels of the company,” Vale said in a release.