{"id":85523,"date":"2018-07-11T22:06:09","date_gmt":"2018-07-11T22:06:09","guid":{"rendered":"http:\/\/www.bnreport.com\/trump-started-the-metals-rally-now-hes-the-reason-its-ending\/"},"modified":"2018-07-11T22:06:09","modified_gmt":"2018-07-11T22:06:09","slug":"trump-started-the-metals-rally-now-hes-the-reason-its-ending","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/trump-started-the-metals-rally-now-hes-the-reason-its-ending\/","title":{"rendered":"Trump started the metals rally, now he’s the reason it’s ending"},"content":{"rendered":"

By Mark Burton and Lucca de Paoli<\/strong><\/p>\n

The U.S. election of Donald Trump<\/a> lit a fire under metals markets in 2016 as investors took a liking to his pro-business agenda. Now, copper<\/a> and other metals are tanking as Trumps trade war against China threatens to derail economic growth. <\/p>\n

Copper sunk to an almost one-year low and has fallen 16 percent from a high in June. All the major metals were in the red on Wednesday as the U.S. unveiled tariffs on $200 billion worth of Chinese-made products. Mining stocks also took a hit, with Glencore Plc and Kaz Minerals Plc falling more than 4 percent. Even gold, considered a haven asset, fell as trade angst boosted the dollar, making commodities more expensive for holders of other currencies. <\/p>\n

Industrial metal<\/a> markets are often viewed as an economic bellwether and the losses suggest that traders are starting to price in a slump in global growth. Manufacturing gauges are already showing signs of weakness after a run of strong performance, and the fear is that more tariffs will further dent economic activity. <\/p>\n

\u201cThe jump in copper prices after President Trump was elected was due to the fact that he promised a massive infrastructure package,\u201d Simona Gambarini, a commodities economist at Capital Economics, said by phone from London. \u201cOf course, that package did not actually happen and the boost to investment was minimal, and now we are obviously in protectionist territory and that doesnt bode well for the prospect of growth in China.\u201d <\/p>\n

While the new list of targeted Chinese imports covers a wide range of products, demand for copper and other metals could be hit if the tariffs come into effect as proposed in September. More than 120 copper products are mentioned, and the metal plays a crucial role in other electrical products. <\/p>\n

\"2\"<\/figure>\n

Copper prices are still up 25 percent since the start of November 2016, the month Trump was elected. <\/p>\n

\u201cWed had a brief pause from the trade wars negative drag on base metals, but its come back with a vengeance today,\u201d Nicholas Snowdon, an analyst at Deutsche Bank<\/a>, said by phone from London. \u201cThe key issue now is what kind of trade war were going to get.\u201d <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

[contfnewc]
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By Mark Burton and Lucca de Paoli<\/p>\n

The U.S. election of Dona..<\/p>\n","protected":false},"author":1,"featured_media":85524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-85523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nTrump started the metals rally, now he's the reason it's ending - Business News Report<\/title>\n<meta name=\"description\" content=\"By Mark Burton and Lucca de Paoli The U.S. election of Dona..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/trump-started-the-metals-rally-now-hes-the-reason-its-ending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump started the metals rally, now he's the reason it's ending - 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