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Aluminum dropped for a third day on the London Metal Exchange, extending a retreat from the highest level since May touched last week. Chinese stocks sank after the US took aim at Beijing, with Trump telling a key government committee to curb Chinese spending on tech, energy and other strategic American sectors. China is the largest consumer of industrial metals.
Most metals had gained ground this year — with copper still up about 8% — despite moves by the Trump administration to shake up the global trading system with tariffs, as well as resetting foreign-policy priorities. The president’s latest directive was the most forceful move yet, and points toward a deepening financial and technological decoupling between the two largest economies.
Steel-making staple iron ore also took a knock amid the China tensions, as well as the growing number of trade barriers being imposed on steel. Vietnam became the latest country to impose anti-dumping tariffs on Chinese products, part of a wave of overseas shipments spurred by China’s slowdown and property crisis.
Aluminum traded 0.9% lower at $2,632.50 a ton on the LME at 11:24 a.m. in Singapore, while copper was down for the third day, set for its worst run since mid-December. In Singapore, iron ore dropped 1.5% to $106.80 a ton, and yuan-priced contracts in Dalian were also down.
