Copper Climbs as Some Trade Fears Ease

Date : 16/05/2019 @ 03:56
Source : Dow Jones News

Copper Climbs as Some Trade Fears Ease

By Ira Iosebashvili 

Copper prices rose Wednesday, boosted by hopes of easing trade tensions.

Copper for July delivery recently was up 0.7% at $2.7430 a pound on the Comex division of the New York Mercantile Exchange.

Part of the gains came after Bloomberg reported that President Trump will delay tariffs on car imports. Trade worries have weighed on prices for copper, which is frequently used in manufacturing.

In precious metals, June gold was up 0.1% to $1,298.20 a troy ounce on rising tensions between the U.S. and Iran.

The U.S. ordered all its nonemergency diplomatic staff to leave Iraq immediately as tensions rise with Iran over recent attacks against oil tankers and facilities in the Persian Gulf region.

Some investors buy gold during times of geopolitical uncertainty, believing the metal will hold its value better than other assets when markets turn rocky.

Write to Ira Iosebashvili at ira.iosebashvili@wsj.com

 

(END) Dow Jones Newswires

May 15, 2019 13:41 ET (17:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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