Metals took a breather after collapse

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Metals took a breather after collapse

July 20, 2018 - 10:45
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Basic metals took a breather after its recent collapse, since dollar declined compared to yuan at the end of trading session in Asia, Bloomberg reports.

Photo © Gerd Altmann, CC0 1.0

Basic metals took a breather after its recent collapse, since dollar declined compared to yuan at the end of trading session in Asia, Bloomberg reports.

Copper in London grew up by 0,8% from the lowest level in a year as yuan recovered part of its losses after news appeared that Chinese authorities may possibly take measures to stop local currency decline. Zink and nickel gained more than 1%.

Metals experienced global selloff during last six weeks among concerns over growing trade conflict between the US and China that might hurt world economy and supress demenad for raw materials. Situation got even worse after yuan started falling against dollar.