This Morning in Metals: China Exempts U.S. Soybeans, Pork from Tariffs
This morning in metals news, China spared U.S. soybeans and pork imports from tariffs, copper prices gained on the current tenor of trade news and Chinese iron ore rose to a five-week high.
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China Exempts Pork, Soybeans from Tariffs
China announced it will exempt imports of U.S. soybeans and pork from tariffs, MarketWatch reported, as the two countries aim to move toward a resolution to their long-simmering trade differences.
Trade talks between the countries are scheduled to resume in early October.
Copper Prices Rise
Copper prices made gains to close the week amid the latest seemingly positive news coming out of the ongoing U.S.-China trade saga.
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LME three-month copper was bid up 1.1% on Friday, reaching $5,895 per ton, Reuters reported.
Iron Ore Rises to 5-Week High
Chinese iron ore prices surged to a five-week high, the Hellenic Shipping News reported, supported by restocking demand ahead of holidays in the country.
Iron ore futures on the Dalian Commodity Exchange rose as much as 3.9% on Thursday, up to 681 yuan ($96.08) per ton, according to the report.
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