Copper and aluminum prices fell as investors grapple with uncertainty over tariffs from U.S. President Donald Trump's administration, while signs of weakness in China's economy added cloudy prospects for global growth, Bloomberg reports, writes UNN.
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The price of copper continued its decline from a four-month high, falling by 1.1% to $9,512 per ton by 9:00 local time on the London Metal Exchange. Aluminum and zinc also decreased in price, while iron ore futures in Singapore fell below $100 per ton.
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Inflation figures in China released on Sunday indicate a persistent decline in demand as the world's second-largest economy grapples with a years-long real estate crisis. At the same time, U.S. President Donald Trump warned that the U.S. economy faces a "transition period" following market upheavals caused by his trade policy.
Industrial goods have so far been quite resilient in the face of the trade wars unleashed by Trump since he took office in January. The LMEX index of six non-ferrous metals reached a nearly five-month high on March 6, and copper has risen more than 8% this year.