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London . Industrial metals fell on Wednesday as copper, zinc and lead hit their lowest level in about a year as speculators ripped off sales in the face of further escalation of the Sino-US trade dispute.
However, they then rebounded from their lows as consumers rushed to get prices that they considered good value after heavy losses recently.
"(Shanghai Futures Exchange) is becoming more aggressive today. That's where the momentum started, but it was pretty generalized, "said Oliver Nugent, commodities strategist at ING Bank in Amsterdam.
China blamed the United States harassment and warned that she would retaliate after the government President Donald Trump stepped up his trade dispute by threatening US $ 200,000 worth of Chinese goods with a value of 10%. [196] 59005] At 11:25 GMT, the three-month copper on the London Metal Exchange lost 2.48% to US $ 6,175.50 per tonne, after reaching 4% earlier, at US $ 6,081 per tonne, its lowest level since July 2017.
"This will continue until they can go to the table and come to an agreement to level the playing field. But the unpredictability of the situation continues to." shake the markets, "said Vishnu Varathan, head of economy and strategy at Mizuho Bank of Singapore.
Metals fell the most among raw materials: nickel, tin and aluminum fell to lows of several months.
At 11:25 GMT, the three-month copper on the London Metal Exchange lost 2.48% to US $ 6,175.50 per tonne, after falling earlier. 4% at US $ 6,081 per tonne, its lowest level since July 2017.
Zinc dropped 4.8% to US $ 2,503 per tonne, its lowest level since June of the year last, and thereafter, it lost 2.55% to US $ 2,563 per tonne
Lead reached a minimum of 4%, to US $ 2,220 per tonne, its lowest level since July 2017, to then recover land and sell with a loss of 2,51% to 2,255 US $ per ton
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