FX.co ★ Copper Extends Losses Amid US-China Trade Uncertainty

Copper futures experienced a decline of over 1%, reaching approximately $4.75 per pound on Wednesday, as they continued their downward trajectory from the previous session. This movement was largely influenced by ongoing trade tensions between the United States and China, which are contributing to negative market sentiment. Despite both nations expressing a willingness to reduce hostilities, uncertainty lingers regarding the progress of actual negotiations, raising concerns about the potential economic repercussions of their trade conflict. Further dampening market sentiment, newly released data revealed that Chinese manufacturing activity contracted more sharply than anticipated in April, highlighting the detrimental effects of trade-related challenges on production. Looking forward, investors are keenly anticipating upcoming economic growth reports from the US and Eurozone to gain further insights into the condition of global demand and industrial activity.