Copper steadies as U.S.-China tensions dampen risk appetite.
Copper prices were little changed on Thursday as initial euphoria over economies reopening from the lockdown was dampened by mounting fears that the Sino-U.S. friction could further hobble global business activity. Casting darker shadows over the trade dispute were reports that the United States is preparing to take action against top metals consumer China this week over its plan to impose a national security law on Hong Kong. Earlier in the session, traders cheered prospects of a quick rebound in the global economy as more countries have been re-emerging from coronavirus shutdowns and as more developing COVID-19 vaccines are underway. The London Metal Exchange plans to consult members on whether its rules need to be changed to guard against market abuse and insider trading. Australia’s New Century Resources Ltd said it was in talks with Brazilian miner Vale SA to buy its nickel and cobalt operations in New Caledonia. The global copper market is expected to be in surplus by 285,000 tonnes this year as a result of the coronavirus pandemic, with the overhang rising to 675,000 tonnes in 2021, the International Wrought Copper Council said in a repor #COPPER