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(Bloomberg) -- Copper trimmed a gain following a major escalation in global trade tensions, with US President Donald Trump putting a 10% tariff on goods from China, and Beijing responding with a range of measures of its own.
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Copper — a proxy for global growth — traded slightly higher in London, after having gained as much as 0.8% earlier. Moments after Trump slapped a 10% tariff on goods from Beijing, China imposed tariffs on a range of US products, and announced an investigation into Google.
Base metals have endured a bumpy start to the new year, buffeted by the trade-war moves, as well as concerns about the state of demand in China. On Monday, the US threatened — then deferred — tariffs against neighbors Mexico and Canada, swinging prices. The latest set of tariffs threatens to undercut metals consumption globally by slowing global growth.
Asia’s largest economy also responded to the US tariffs with export controls on tungsten-related materials.
Copper was 0.5% higher at $9,145 a ton on the London Metal Exchange at 1:56 p.m. in Singapore, after swinging in more-than-$200 range on Monday. Aluminum was flat. Iron ore traded 0.7% higher at $105 in Singapore.
Chinese markets remain closed for the Lunar New Year holiday, and will reopen on Wednesday.
--With assistance from Katharine Gemmell.
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