Copper Prices Rebound Amid US Tariff Threats and Holiday Trading
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Copper prices have trimmed losses from earlier in the week, rebounding as risk assets including equities advance in thin holiday trading. According to George Cheveley, Natural Resources Portfolio Manager at Ninety One, copper is being dragged to the US due to tariff threats. Gold has also advanced above $4,900 an ounce as dip-buyers snapped up the metal.
Copper prices have experienced a rebound, trimming losses from earlier in the week as risk assets, including equities, advanced in thin holiday trading. The metal's recovery is attributed to various factors, including US tariff threats and the ongoing holiday season.
The US-China trade tensions have been a significant concern for the copper market, with threats of tariffs affecting the metal's prices. According to George Cheveley, Natural Resources Portfolio Manager at Ninety One, copper is being dragged to the US due to these tariff threats. Cheveley spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche, sharing his insights on the market performance.
"The threat of tariffs is a significant concern for the copper market," Cheveley explained. "The US is a major consumer of copper, and any tariffs imposed on the metal could have a significant impact on its prices."
The rebound in copper prices is also attributed to the holiday trading season, which has resulted in thin trading volumes. Dip-buyers have taken advantage of the lower prices, snapping up the metal and driving up its value. Gold has also benefited from the holiday trading, advancing above $4,900 an ounce as investors seek safe-haven assets.
The recovery in copper prices is a welcome relief for the metal, which has experienced significant losses in recent weeks. The metal's prices have been under pressure due to concerns over the global economic slowdown and the impact of the US-China trade tensions.
The US-China trade tensions have been a significant concern for the global economy, with both countries imposing tariffs on each other's goods. The tensions have resulted in a decline in global trade, affecting the prices of various commodities, including copper.
Despite the rebound in copper prices, the metal's outlook remains uncertain. The ongoing US-China trade tensions and the global economic slowdown are expected to continue affecting the metal's prices in the coming weeks.
In conclusion, the rebound in copper prices is a positive development for the metal, but its outlook remains uncertain due to the ongoing US-China trade tensions and the global economic slowdown. As the situation continues to evolve, investors will be closely watching the metal's prices and adjusting their strategies accordingly.
Sources:
* Bloomberg: Cheveley: Copper Being Dragged to US by Tariff Threats
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