Commodities
Iron Ore Heads for Hefty Weekly Loss as Trump Levies Hit Demand
- Longer-term outlook for metal prices is bearish: BMI analysts
- Copper and aluminum also tracking toward declines for the week
Iron ore futures fell 1.3% to $102.95 a ton at 11:37 a.m. in Singapore, on track for a weekly decline of about 5%.
Photographer: Ian Waldie/BloombergThis article is for subscribers only.
Iron ore was on track for its biggest weekly loss since November as the prospect of further US tariffs on China rekindled concerns over a mounting global trade war, denting sentiment for industrial metals.
Futures for the steelmaking ingredient fell below $103 a ton for the first time since the start of the month. President Donald Trump said Thursday he would apply an additional 10% tax on Chinese imports, on top of a previous 10% duty that he already enacted earlier this month. The announcements rattled financial markets on Friday.