Copper metal price today January 7th decreased sharply

Copper fell as much as 4.3% in a broad sell-off on the London Metal Exchange.

The red metal fell the most since May as Trump's victory spread across global markets, putting the dollar on track for its best day since 2020.

Copper fell as much as 4.3% in a broad sell-off on the London Metal Exchange (LME), tracking huge losses in the Chinese yuan.

The metal also fell 4.6% to $9,389 a tonne in early morning trading on the Comex division of the New York Mercantile Exchange.

Aside from the immediate impact of a weaker currency in the world's top commodity consumer, traders are also bracing for a potential hit to demand if Trump follows through on pledges to deepen the US-China trade war.

“This scenario is expected to bring about the promised tariffs on imported goods, particularly targeting China, potentially triggering a new wave of trade tensions and economic disruption,” said Ole Hansen, head of commodity strategy at Saxo Bank.

A gauge of steel company stocks surged as much as 12%, its biggest one-day gain since March 2020, on anticipation that Trump would return to the White House and back one of his top first-term priorities: tariffs on steel imports from around the world.

Investors will also note that China could respond with stimulus measures to boost domestic demand, said Marcus Garvey, head of commodity strategy at Macquarie.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-7-11-giam-manh.html