This Morning in Metals: Tariff Rollback Could Come if U.S., China Reach First-Phase Deal
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.
Keep up to date on everything going on in the world of trade and tariffs via MetalMiner’s Trade Resource Center.
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.
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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.
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