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Base Metals sink as escalating trade war worries dent sentiment

21 Nov 2018

Most Base metals ended on a lower note on Tuesday led by more than 2% drop in Lead prices.

The metals pack came under pressure tracking escalating trade war worries between US - China which in turn led to sharp drop in US indices and jump in US Dollar.

Trade tensions between US-China rose after US yesterday accused China of continuing a state-backed campaign of intellectual property and technology theft. The new accusations came in a detailed 53-page report released by US Trade Representative Robert Lighthizer's office just 10 days before a meeting between US President Trump and his Chinese counterpart Xi Jinping on the sidelines of a Nov. 30-Dec. 1 G20 summit in Buenos Aires.

Meanwhile US dollar index ended with nearly 0.7% gains amid amid rise in safe even demand due to escalating trade war worries between US-China, lingering uncertainty over Brexit deal and Italy budget crisis.

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