Copper prices will recover if the trade war between the United States and China does not escalate at next week's G20 summit, the head of China commodities strategy from Citi Group said during a panel discussion at Asia Copper Week on November 14.
The impact of the US-China trade war has been priced into current copper prices, according to Citi Group's Tracy Liao who also took a cautiously optimistic outlook on copper prices in the near future. The G20 summit - a forum of finance ministers and central bank governors from 19 countries and the European Union, as well as the International Monetary Fund and the World Bank - will be held on November 31-December 1 in Buenos Aires, Argentina. Chinese President Xi Jinping and US President Donald Trump are scheduled to meet during the summit to negotiate trade conditions. The London Metal Exchange three-month copper price fell to $5,974.50 per tonne on November 1, down by 18.7% from its 2018 high of $7,348 per tonne reached on June 7. Over the past six months, the LME copper price has only exceeded the $7,000 threshold for two weeks in June, pushed up by trade...