Base metals on the London Metal Exchange were broadly lower during morning trading on Wednesday July 11, unsettled by trade tensions amid threats of further US-imposed tariffs against $200 billion worth of Chinese goods.
The announcement comes after the US implemented tariffs on $34 billion worth of goods last week, prompting large scale sell-offs across the complex and adding more fuel to the ongoing trade dispute between the world's two largest economies. "The unexpected trade tariff announcement and the likely negative effect its instigation would have on world growth will see industrial metals bear the brunt of the macro sell-off," Alastair Munro, LME Desk at Marex Sprectron said."Adding to the woes, commodity trading advisor's sell programs are likely to continue, with shorts building across all the metals bar nickel, which is still seeing long liquidation," he added. Falling more than 3%, both nickel and zinc prices dipped below nearby support levels, with the latter trading at...