Last week, the most serious sale took place in two years, as investors were increasingly concerned about the prospects for a trade war. After this sale, the metals seem to have calmed down. However, copper along with other non-noble metals fell again at the auction in Shanghai this week.
This decline seems to have occurred because of the events of Friday. China finally responded to Trump's tariffs referring to section 232 on steel and aluminum imports, announcing plans to introduce reverse tariffs of up to $3 billion on US goods, including seamless steel pipes and aluminum scrap, which threatens to slow global economic growth.
After this announcement, the price of copper fell 1.15%, and non-precious metals showed the worst weekly decline since early February. Quotes fell below the level of the September consolidation, breaking the level of the 200-period moving average, signaling a target at 2.83.
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