Copper steadies near 2-week high

Economies.com
2019-11-27 15:57PM UTC

Copper prices held steady on Wednesday, to move near 2-week high amid expectations for the US and Chinese demand to recover after positive remarks about resolving the trade war between them.

 

US and Chinese officials continued to release positive remarks on the near signing of the phase one trade deal.

 

White House officials said Washington was working on drafting the first phase of the deal with China and that the two sides might sign it by the end of this year.

 

China's Ministry of Commerce said they are in close contact to reach the interim agreement with the US, but some see negotiation for the second phase are unlikely to happen before the nest US presidential elections in 2020.

 

As for trading, copper futures for December delivery held at $2.698 per pound as of 15:37 GMT, and hit a session-high of $2.71 and a low of $2.684.

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