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Metal Prices Struggle as Trump Casts Doubt on Potential U.S-China Talks

CommoditiesSep 13, 2018 15:44
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© Reuters. Zinc prices were under pressure on Thursday.

Investing.com - Nickel and zinc prices fell Thursday, shrugging off a weaker dollar as President Donald Trump's remarks on trade knocked investor optimism on U.S.-China relations.

Nickel prices fell 0.24% to $12,600.50, while zinc prices lost 1.70% to 2,353.75.

In a tweet Thursday, Trump railed against suggestions that the United States was under pressure with China, saying "we are under no pressure to make a deal with China, they are under pressure to make a deal with us." He wrote that the U.S. "will soon be taking in Billions in Tariffs & making products at home."

That knocked investor confidence over the prospect of a positive outcome from potential U.S.-China trade talks. Beijing, on Thursday, reportedly said it would welcome the opportunity to renew trade talks with the U.S. following the Treasury Secretary Steven Mnuchin letter to Chinese officials a day earlier, in which he proposed talks in the next few weeks.

China's economic woes have been exacerbated by its trade war with the United States and has fueled concerns over the strength of demand for commodities as Beijing is the world's largest commodity consumer.

A weaker greenback, meanwhile, helped eased downside momentum in metals after data showed the pace of inflation hit a snag last month.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell 0.28% to 94.55.

Dollar-denominated assets such as copper are sensitive to moves in the dollar. A fall in the greenback makes copper cheaper for holders of foreign currency, boosting demand.

Copper prices rose 0.15% to $2.68, while aluminum prices fell 0.27% to 2,052.25.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $4.60, or 0.37%, to $1,206.30 troy ounce.

Silver futures fell on 0.51% to $14.22 a troy ounce, while platinum futures added 0.40% to $803.10.

Metal Prices Struggle as Trump Casts Doubt on Potential U.S-China Talks
 

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