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Without trade war copper price would be US$3.50 - Antofagasta Minerals

Bnamericas Published: Monday, May 13, 2019
Without trade war copper price would be US$3.50 - Antofagasta Minerals

Jean-Paul Luksic, chairman of Chile-based Antofagasta Minerals, said that without the ongoing trade war between the US and China, copper prices would be fluctuating between US$3.20 and US$3.50 per pound.

“The fundamentals of copper, demand and supply, are very auspicious… We're at a stage where, unfortunately, copper is hurting more than it should. It’s happening to most commodities and as long as this uncertainty persists, we're going to continue with low prices,” Luksic was quoted as saying by newspaper El Mercurio.

Luksic added that the future of the sustainable economy is going to require raw materials and copper will have a fundamental role in electrification and renewable energies.

Despite a rebound on Friday due to hopes of an agreement in the spat between the US and China, copper prices fell for the fourth consecutive week.

Copper prices shed 1.52% in Monday trading on the LME, reaching US$2.74/lb, their lowest value since the end of January.

Early on Friday the US hiked import tariffs on US$200bn in Chinese goods to 25% from 10%. China said it would retaliate and on Monday the Asian country's finance ministry announced it planned to impose tariffs on US$60bn-worth of US goods.

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