Copper and zinc climb as Trump delays tariffs on Canada, Mexico
Copper and zinc rose after President Donald Trump delayed tariffs on Canada and Mexico by a month, dragging the US dollar lower.
Copper, an industrial bellwether, extended gains Tuesday amid the reversal in sentiment. Trump said he’s delaying the 25% levies on Canada and Mexico after both US neighbors agreed to take tougher border-control measures, warding off a continental trade war for now. A gauge of the US currency fell from its strongest in more than two years, making commodities more attractive.
Base metals have endured a bumpy start to the new year, buffeted by the trade-war rhetoric, as well as concerns about the state of demand in China. At present, Trump has also threatened levies against Asia’s largest economy, although his administration plans to speak with Beijing, raising the possibility of a potential reprieve.
Copper traded 0.3% higher at $9 124 a ton on the London Metal Exchange at 9:24 a.m. in Singapore, after swinging in more-than-$200 range on Monday. Zinc added 0.3%, while aluminum steadied. Iron ore was little changed at $104.40 a ton in Singapore.
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