- Metals prices plunge on worries that Pres. Trump’s threat of another $200B in tariffs on Chinese goods, if enacted, would hit global demand.
- Copper, already down nearly 15% since early June, recently was -2.9% to $6,162.50/metric ton in London, and zinc, nickel, lead and tin all are down more than 2%; agricultural commodities such as corn, cotton and coffee also are selling off.
- “We’ll see those prices inflate the cost on the consumer level, leading to slowing demand and knocking commodities prices," says BMO Capital's Kash Kamal.
- LME bets on the future movement of copper prices also fell to their most bearish since 2016, says Marex Spectron's Alastair Munro, adding that "trying to pick a bottom as the shorts add [up] has been futile."
- in premarket trading: FCX -2.8%, RIO -4.2%, BHP -3.5%, VALE -2.6%, X -2%, AKS -2.3%, CLF -1.7%, AA -0.9%.
- Earlier: Crude oil plunges after Trump tariff threat, Libya ports reopen (July 11)
- ETFs: JO, DBA, CORN, XLB, MOO, XME, OTCPK:JJCTF, WEAT, NIB, SLX, SGG, SOYB, PEO, JJG, VAW, RJA, COPX, DBB, PICK, BALB, COW, CAFE, CHOC, UYM, CANE, CU, SOIL, IYM, JJN, CPER, DAG, JJA, FTAG, FMAT, SMN-OLD, GRU, PAGG, CROP, VEGI, AGA, BOM, FXZ, SGAR, BDD, JJT, NINI, RTM, CUPM, LD, WEET, FOIL, JJM, BOS, CTNN, FUD, UAG, USAG
- Now read: Here's What I Think Of BP (LON:BP) Buying BHP's Shale Assets
Original article