Beckett Bronze manufactures bronze bearings, bronze bushings, and bronze bars. Custom made cast bronze bearings, bushings, and bars are made from over 50 alloys in our own foundry.
LONDON, Dec 5 (Reuters) – Copper fell to its lowest level in a week on Wednesday after comments by U.S. President Donald Trump stoked more worries about trade tensions with top metals consumer China.
Most other industrial metals were in the red due to concern about growth in China and after the country’s currency slipped.
Markets were unconvinced when China expressed confidence on Wednesday that it could reach a trade deal with the United States, after Trump renewed warnings he would revert to more tariffs if the two sides cannot resolve their differences.
“We’re seeing a bit of red, mainly to do with Trump’s comments about liking tariffs, plus the renminbi weakened after having strengthened during the past several days, that basically did the damage,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
“Copper touched the upper end of its range but failed to break above yesterday and then the tariff talk sent it lower.”
Three-month copper on the London Metal Exchange was bid down 0.7 percent at $6,167 a tonne, having failed to trade in official open outcry activity. Earlier it touched $6,142, the lowest since Nov. 28.
* ZINC: LME benchmark zinc was the only LME metal in positive territory, edging up 0.1 percent to trade at $2,591 a tonne in official rings, underpinned by shortages in the refined sector that have whittled down inventories.
“The speculative short in zinc is one of the smaller shorts of the complex at 4.4 percent of open interest,” Alastair Munro at broker Marex Spectron said in a note.
* ZINC STOCKS: LME zinc inventories MZNSTX-TOTAL fell further to 110,700 tonnes, down more than half since mid-August to the lowest since January 2008.
* STEEL: China’s construction steel rebar jumped more than 4 percent after hitting a seven-and-a-half-month low in the previous session, providing support to steel-linked metals zinc and nickel. LME nickel dipped 0.3 percent to $11,110 a tonne.
* BHP/NICKEL: BHP received approval from the local Australian government to develop the Venus nickel mine that will feed its Nickel West battery chemicals business.
* CHINA SERVICES: China’s services sector grew at its quickest pace in five months in November thanks to an uptick in new orders, a private survey showed, although the outlook for businesses over the next year worsened for the third month.
World stocks shrivel as trade truce doubts creep in
* U.S. DOLLAR: The greenback edged up, putting further pressure on metals as commodities priced in dollars became more expensive for holders of other currencies.
* PRICES: Aluminium traded down 0.2 percent to $1,970.50 a tonne in official rings, lead shed 0.4 percent to $2,000 and tin lost 0.1 percent to $19,150.
Additional reporting by Mai Nguyen in Hanoi; Editing by Susan Fenton and Mark Potter
Over 100 Years Experience – Manufacturers of Bronze Bearings, Bushings, and Continuous Cast Bars Since 1913