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International Economics
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The price of copper dropped by 1.5% during the week because of the trade war
The red metal finished at US $ 2.76 per pound on the stock market from London.
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The price of copper fell by 1.5% this week compared to the previous one on the London Metal Exchange (LME), according to a report by the Chilean Copper Commission (Cochilco). The result would respond to speculative activity "mainly driven by the trade war". The commission warned that the current price level for copper would persist as long as uncertainties arising from trade tensions would not dissipate.
On Friday, US President Donald Trump is said to be "ready" to apply tariffs of $ 500,000 million on Chinese products, after the administration decided to Apply $ 34,000 million on 818 Chinese products belonging to the aerospace industry, information and communication technologies, robotics, early July or auto machinery.
Related article The price of copper rebounded and rose by 0.90% at the end of the session
The week Last, the US government announced that it had begun to set a list worth $ 200,000 million, previously indicating that it was evaluating to apply tariffs of $ 16,000 million. dollars. This represents a total of US $ 250,000 million of Chinese imports. However, if Trump 's threat were met, Chinese products would be of a similar value to the deficit that exists between the Asian giant and the United States, which is in the order of $ 505,500 million. US
"The slight recovery of today's dollar with a technical rebound for the purchase of opportunity," the Commission said. This Friday, the price of copper moderated its fall and ended at US $ 2.76 a pound, after closing at US $ 2.71 per pound on Thursday, which represented his eighth day of trading. consecutive decline and its lower value in
On the other hand, Cochilco argued that the decrease of nearly 100,000 tons of copper stocks available in the metal exchange over the 20 past days, suggests an overreaction from investors in the metal.
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