This morning in metals news, U.S. Treasury Secretary Steven Mnuchin tweeted Friday that this week’s round of trade talks with China were “constructive,” LME copper is on its way for its first quarterly gain since the end of 2017 and China’s imports of copper are forecast to dip this year.
U.S.-China Talks Continue
Markets reacted positively late this week on optimism from the latest round of U.S.-China trade talks, this time held in Beijing over Thursday and Friday.
U.S. Treasury Secretary Steven Mnuchin tweeted that the talks were constructive.
.@USTradeRep and I concluded constructive trade talks in Beijing. I look forward to welcoming China’s Vice Premier Liu He to continue these important discussions in Washington next week. #USEmbassyChina pic.twitter.com/ikfcDZ10IL
— Steven Mnuchin (@stevenmnuchin1) March 29, 2019
As Mnuchin noted, trade talks are scheduled to continue next week in Washington, D.C.
Copper Makes Gains
According to Reuters, LME copper is set to notch its first quarterly gain since the end of 2017.
Copper stockpiles in LME-registered warehouses are moving toward 11-year lows, according to the report.
China Copper Imports
Speaking of copper, China is expected to import far less of the metal in 2019, according to a Reuters report citing research house Antaike.
According to the report, China’s copper imports are forecast to fall 14.7% on account of increased domestic production.