This morning in metals news, the U.S. and China are working toward a partial trade deal, the largest copper mine in Ecuador has curbed operations amid protests and China’s copper imports hit an eight-month high.
U.S., China Talks Could be Working Toward Partial Deal
As with anything else, there are two sides to every story.
While a wider understanding on trade between the U.S. and China is still far off, the two countries appeared to have made some progress toward a partial trade deal.
According to Reuters, the U.S. agreed to delay a scheduled October tariff increase, and Treasury Secretary Steven Mnuchin said the two countries have a “fundamental understanding” on many of the critical issues.
However, the deal is far from done. In addition, comments from the Chinese side were far less effusive than those of President Donald Trump.
“We have made substantial progress in many fields. We are happy about it. We’ll continue to make efforts,” Vice Premier Liu He was quoted as saying.
Ecuador Protests Impact Copper Activity
Ecuador’s largest copper mine has curbed its activity amid protests in the country, Bloomberg reported.
Protestors rallied against a proposed fuel price hike, ordered by the government in an effort to secure a loan from the IMF.
China Copper Imports Jump
F0r those of the mind that copper indeed lives up to its “Dr. Copper” moniker, China’s consumption is a critical piece of the copper puzzle.
According to Reuters, China’s copper imports surged 10.15% in September on a month-over-month basis to its highest level in eight months.