Copper prices could sink to $6,000 per tonne if the trade war between the United States and China sparks a selloff in the equity markets, INTL FCStone analyst Edward Meir wrote in his July market overview.
On Friday July 6, after the onset of US tariffs on $34 billion of imports from China at midnight that day, copper plunged to $2.7825 per lb, its lowest level since hitting $2.7695 on July 19, 2017. US President Donald Trump is targeting the world's second largest economy due to allegations of intellectual property theft and the massive trade deficit the US has with China, $152 billion as of May 31, according to figures from the US Census Bureau.China immediately retaliated by enacting tariffs on $34 billion of American agricultural products such as soybeans and cotton - and whiskey. The conflict, ...