SMM3, 27 May (Xinhua) US President Trump's previous pro-business policy has helped kick-start the rise in copper prices, and now his protectionist trade policies may undermine the prosperity of the world economy and draw a bottom line on copper prices. Causing a strong crackdown.
"when Trump was elected, everyone thought his policies would make business easier," said Daniel Briesemann, an analyst at Commerzbank. But right now, everyone is talking about a possible trade war and its negative impact on the global economy. "
Copper for LME was quoted at $6602 a tonne, down nearly 10 per cent from a three-year high in December and likely to stop in the sixth quarter. LME shows copper stocks are also at their highest level in more than 10 months, while spot contracts are trading sharply at futures prices, indicating an adequate supply of copper
Copper prices are likely to show a downward trend in the first quarter since Trump's victory, according to some analysts.
Translated from Bloomberg by Cao Yuqin, (SMM) of Shanghai Colored Network