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According to foreign news on August 10, the London Metal Exchange LME London copper fell on Friday, falling for the second week in a row this week, as investors worried about the chain reaction of the Turkish lira's sharp fall, driving the dollar to a 13-month high, and global trade disputes continue to hurt demand
.
Copper prices had risen on Thursday on expectations that a possible fiscal stimulus from the Chinese government would help ease the impact
of the escalating trade war between China and the United States, analysts said.
The dollar index had risen sharply, guided by fears of a sharp fall in the Sercherrilla and the Russian ruble, before being boosted by U.
S.
inflation data, which reinforced expectations that the U.
S
.
would raise interest rates twice more this year.
The U.
S.
-China trade standoff has also boosted the dollar, making dollar-denominated metals more expensive
for non-U.
S.
companies.
Analysts said the dollar looked really strong and feared that metal prices would slide
further.
Separately, U.
S.
President Donald Trump said tariffs on steel and aluminum imports from Turkey would double to 50% and 20%.
The union of Escondida, the world's largest copper mine, owned by BHP Billiton, said it needed to improve its contracts at the final stages of negotiations if it wanted to avoid strikes; Meanwhile, Lumina Copper's Caserones mine said the latest round of collective bargaining had broken down and a strike
would take place soon.
At 17:00 London time on Aug.
10 (00:00 Beijing time on Aug.
11), three-month LME copper closed down 0.
5% at $6,190 a tonne, nearly 0.
5%
lower for the week.
