Copper retreats after touching 6-week high

Copper prices fell today, shedding a six-week high on the London Metal Exchange (LME), following the results of a meeting between US President Donald Trump and his Chinese President Xi Jinping on the sidelines of the G20 summit.

Trump and Xi agreed to resume trade talks between the two countries and provided concessions that would pave the way for a comprehensive trade agreement that would end the state of the trade war between the two countries.

The metal received support from news that the trade war pressures are easing on the global economy, which boost demand for commodities.

However, the metal fell under the pressure of the dollar's strength as its index (against a number of major currencies) rose by 0.5% to 96.5 points at 14:05 GMT, with a high of 96.6 points and a low of 96.2 points.

By 14:02 GMT, copper futures (September delivery) fell by 0.3% to $270.6 per pound, with the highest at $275.7 and the lowest at $269.7, while the six-week high was at 6075 Dollars per ton.