The price of copper was hammered on Friday amid an escalating trade war between the world’s two largest economies and a global economic slowdown.
In early afternoon trading in New York, copper for delivery in July touched a low of $2.5685 a pound ($5,660 a tonne), down 3.6% from Thursday’s settlement to its weakest point for 2019.
Copper is now trading 23% below levels seen in June last year, technically placing the bellwether metal in a bear market.
US President Donald Trump said on Thursday he would impose an additional 10% tariff on $300 billion worth of Chinese imports, starting September 1, meaning effectively all Chinese exports are now subject to tariffs of at least 10%.
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