{"id":4086,"date":"2019-02-12T09:43:04","date_gmt":"2019-02-12T09:43:04","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=4086"},"modified":"2019-02-12T09:43:04","modified_gmt":"2019-02-12T09:43:04","slug":"zinc-drops-low-amidst-u-s-china-trade-tensions","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/zinc-drops-low-amidst-u-s-china-trade-tensions\/","title":{"rendered":"Zinc drops low amidst U.S- China trade tensions."},"content":{"rendered":"

Zinc dropped to a two-week low on Monday along with other industrial metals as speculators sold as precautions against concerns about U.S.-China trade talks and global growth.<\/p>\n

China expressed anger on Monday at a U.S. Navy mission through the disputed South China Sea after U.S. President Donald Trump said last week that he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline for a trade deal.<\/p>\n

Chinese investors after returning from a week-long national holiday, seemed to focus more on downbeat news rather than optimism expressed by China on Monday about a new round of trade talks with the United States.<\/p>\n

Ross Strachan, senior commodities economist at Capital Economics in London said that there is quite a run-up among base metals prices, with lots of positivity on the trade negotiations.<\/p>\n

It has been a realisation that trying to get a permanent long-term deal between those two parties is extremely difficult to imagine.<\/p>\n

\n
\n
Benchmark zinc on the London Metal Exchange had shot up by a fifth in the month to Feb. 5, when it touched a seven-month peak of $2,810 a tonne.<\/div>\n<\/div>\n<\/div>\n

Since then, however, it has slipped 6 percent and was the biggest LME decliner on Monday. It fell 2.2 percent in closing open outcry activity to $2,644 a tonne, having earlier touched $2,631, the lowest since Jan. 25.<\/p>\n

Among Zinc stocks, Investors apparently brushed off news that LME zinc inventories MZNSTX-TOTAL have eroded further to their lowest since January 2008.<\/p>\n

Zinc technical attracted additional selling because of a weak chart picture, Marex Spectron\u2019s Matt France said in a note that zinc looks most vulnerable technically as it has hit the 200-day moving average at $2,660.\u201d<\/p>\n

Among copper, three-month LME copper shed 1 percent to finish at $6,150 a tonne after Chilean state miner Codelco said on Saturday that it hoped to restart operations soon at its Chuquicamata copper mine.<\/p>\n

LEAD: LME lead gave up 1.7 percent to close at a two-week low of $2,045.50 a tonne.<\/p>\n

A pullback in lead is expected to be short-lived, St\u00e9phanie Aymes, head of technical analysis at Societe Generale, said in a note the move beyond $2,132\/35 has takes shape, lead would extend the recovery towards $2,185 and perhaps even towards the May 2018 trough at $2,241\/28.\u201d<\/p>\n

Compared to metals and other currencies, dollar seems to be strong. Dollar-denominated metals has become more expensive for holders of other currencies.<\/p>\n

Aluminium seems to be unaffected at $1,880 a tonne, nickel fell by 0.6 percent to $12,490 and tin eased by 0.1 percent to $21,025.<\/p>\n","protected":false},"excerpt":{"rendered":"

Zinc dropped to a two-week low on Monday along with other industrial metals as speculators sold as precautions against concerns about U.S.-China trade talks and global growth. China expressed anger on Monday at a U.S. Navy mission through the disputed South China Sea after U.S. President Donald Trump said last week that he did not […]<\/p>\n","protected":false},"author":1,"featured_media":4087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[3399,3400,3398],"class_list":["post-4086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","tag-commodity-markets","tag-u-s-china-trade-war","tag-zinc"],"aioseo_notices":[],"yoast_head":"\nZinc drops low amidst U.S- China trade tensions. - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/zinc-drops-low-amidst-u-s-china-trade-tensions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zinc drops low amidst U.S- China trade tensions. - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Zinc dropped to a two-week low on Monday along with other industrial metals as speculators sold as precautions against concerns about U.S.-China trade talks and global growth. 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