Double whammy lowers prices of copper and industrial metals

Prices of copper and other industrial metals fell, pressured by concerns about the creditworthiness of the United States and renewed tensions between Washington and Beijing. The red metal, seen as an indicator of the global economy because of its widespread industrial use, fell 0.7% on the London Metal Exchange on Friday, paring its weekly gains to 0.4% after touching $11,000 a tonne last week, the highest level in daily trading since May 2024, amid supply concerns. A double whammy for metal prices The broader market was rattled on Thursday when two regional US banks revealed they were the victims of a loan scam linked to mortgage defaults, raising concerns about the creditworthiness of borrowers. This added to fears of a renewed trade war between the United States and China, with Chinese Commerce Minister Wang Wentao holding the United States responsible for the recent escalation. The lack of US economic data during the government shutdown adds to the uncertainty. Also read: China pumps $1.4 billion to revive an African railway to transport copper Copper and iron under pressure Copper has 11:33 am. in Beijing fell 0.8% to $10,567 a tonne, and zinc fell about 0.6% to $2,951.50 a tonne, and most basic shares also fell. Iron ore futures were also down 0.7% at $104.25 a tonne in Singapore, while yuan-denominated futures on the Dalian Stock Exchange also fell.