This Morning in Metals: Copper Falls to Two-Year Low on Trade Worries
This morning in metals news, the copper price fell to a two-year low, the value of the Chinese yuan fell past an important barrier and Rio Tinto offered an update on its Winu project.
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Copper Plunges to Two-Year Low
As trade worries continue to bubble, the copper price fell to a two-year low, Reuters reported.
Recently, President Donald Trump announced the intention to impose a 10% tariff on an additional $300 billion in Chinese goods, effective Sept. 1.
The three-month LME copper price fell to $5,640 per ton, according to the report.
Chinese Yuan Falls to Recession-Era Level
The yuan devalued to levels last seen during the 2008 financial crisis, according to a CNBC report.
The yuan dropped to trade at 7.0304 against the dollar, ticking above the 7 barrier for the first time since 2008, according to the report.
Rio Tinto Updates on Winu Project
Miner Rio Tinto previously announced that it had found copper-gold mineralization at its Winu project in Western Australia.
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More recently, the miner offered updates on the progress of exploration at the site.
“Drilling is ongoing with eight diamond rigs and three RC rigs drilling at Winu and further results will be reported in the first quarter of 2020,” Rio Tinto said. “RC and diamond drilling is continuing, with RC drilling primarily focussed on defining the extent and tenor of the supergene zone and diamond drilling continuing to test the extents of the deposit.”
However, the miner said the project is still at an “early stage” and that further work is required to understand the level of copper-gold mineralization present at the site.
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