This morning in metals news, tensions could ease between the U.S. and China on the tariff front, ArcelorMittal reported its third-quarter financial results and copper prices made gains this week.
U.S., China Could Roll Back Tariffs with an Initial Deal
In what would represent a significant deescalation of trade tensions, the U.S. and China have reportedly agreed to roll back tariffs if they are able to reach a first-phase trade deal.
However, according to Reuters, the proposal faces internal opposition in the White House, with officials making conflicting public statements regarding tariff rollbacks either being or not being a condition for an initial trade deal.
ArcelorMittal Reports 3Q Results
ArcelorMittal reported a net loss of $539 million in Q3, compared with a net loss of $447 million in Q2.
The firm’s steel shipments fell 7.3% compared with the previous quarter.
Copper Price Rises
The LME three-month copper price has made gains over the last month.
The price approached the $6,000/mt as the week has come to a close, reaching $5,949/mt. The price is up 4.59% on a month-over-month basis, per MetalMiner IndX data.