Shanghai, London markets react positively to US-China trade truce; metals rally
Investors are placing positive bets on rally in Shanghai and London metals markets after US and China agreed to have a truce in its trade dispute.
December 03, 2018 / 09:36 AM IST
Jindal Steel | Omaxe entered into steel supply deal with Jindal Steel. (Image: Reuters)
Shares of metal companies such as Hindalco, Vedanta, Tata Steel, Jindal Steel, SAIL and Hindustan Copper, among others, are surging in trade. Investors are placing positive bets on rally in Shanghai and London metals markets after US and China agreed to have a truce in its trade dispute.
China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days.
The White House said on Saturday that President Donald Trump told Chinese President Xi Jinping during high-stakes talks in Argentina that he would not boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced.
Three-month copper on the London Metal Exchange rose 2.3 percent to $6,338.5 a tonne by 0117 GMT, while the most-traded copper contract on the Shanghai Futures Exchange climbed 1.7 percent to 50,420 yuan ($7,248.63) a tonne.
Other industrial metals also rose, with Shanghai zinc jumping 4.7 percent to 21,370 yuan a tonne.(With inputs from Reuters)