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Copper prices on Friday (August 2nd) were the biggest weekly drop in a year since US President Donald Trump announced that the US would impose more tariffs on Chinese imports as part of the A trade war that would slow down economic growth and demand for minerals.
Trump's announcement caused turmoil in global markets and led to a sharp decline in bond yields, oil prices and industrial metals, with zinc falling to its lowest level in 11 months.
Standard copper ended the trading session of the London Metal Exchange, down 2.9% to 5729.50 dollars per ton, after falling earlier in the session to its lowest level since January at 5725 dollars .
Copper losses this week were about 4%, the biggest weekly decline since last August.
The trade war between the United States and China, the slowdown in Chinese industrial activity and the rest of the industrial metals sectors have been hit hard. Copper dropped about 20% from record levels last June in June.
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