Copper drops as new Trump tweetstorm warns on China trade

|About: Freeport-McMoRan Inc. (FCX)|By:, SA News Editor

Comex copper futures for September delivery -1.1% to $2.6875/lb. after comments from Pres. Trump dimmed hopes for a U.S.-China trade deal anytime soon, and he also accused Beijing of not holding up its end of previous agreements.

Copper prices have fallen ~10% below their April peaks, hit by fears that trade tensions and slowing economic growth will hurt demand.

Analysts are keeping a close eye on copper and other industrial metals amid trade uncertainty because China is the largest source of demand, accounting for roughly half of global copper consumption.

Among copper-focused names: FCX -1.6%, TECK -1.8%, SCCO -1%.

ETFs: OTCPK:JJCTF, COPX, DBB, CPER, BOM, BDD, JJM, BOS, RJZ, UBM

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