LIVE FUTURES REPORT 02/08: Fresh tariff threats, poor US job figures weaken LME base metals; Cu hits 2-yr low

Three-month base metals prices on the London Metal Exchange were predominantly weaker at the close of trading on Friday August 2, with copper leading losses and falling by some 2.2% to reach its lowest level since June 2017 amid a sharp sell-off across the complex.

Largely prompted by fresh tariff threats against China from United States president Trump, investors took caution and reduced risk-exposure in commodities, while a fresh batch of weaker-than-expected jobs data from the US further compounded broadly volatile trade conditions.  Volumes traded in the red metal were high over the day, with more than 27,000 lots exchanged by the close, the largest turnover in copper since July 19, when more than 30,000 lots changed hands.  Strong selling activity also coincided with a steady incline in the US dollar index, which continues to trade above...

Published

Hassan Butt

August 02, 2019

17:50 GMT

London