AM Report 5 July 18: Global trade fears and low trade as US closed for Independence Day

US sharemarkets were closed on Wednesday for the Independence Day holiday. Base metal prices were mostly lower on the London Metal Exchange (LME) on Wednesday ahead of expected new trade tariffs from the US on Friday. Zinc (-3.2%) fell to near one year lows. Copper (-1.5%) was near 11-month lows. Producer Freeport-McMoran was granted an extension of a temporary operating permit at its Grasberg mine, likely boosting copper supplies.

 

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