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Even as the US-China trade war continued to rankle the markets, US President Donald Trump has now locked horns with Turkish President Recep Tayyip Erdogan. Following the latest tit-for-tat trade clash, now between the US and Turkey, Nifty metal sunk ~2%.
This decline was mainly due to global cues. In a retaliatory action against the US government’s decision over increasing tariffs on metals from Turkey, President Recep Tayyip Erdogan doubled duties on the US goods. Investors will also closely watch out for a meeting between the US and a Chinese delegation led by Vice Commerce Minister Wang Shouwen due in late August.
Thus, fearing further trade distress, three-month base metals on the LME futures market were trading in the red. Copper prices hit their lowest levels in 13 months on Wednesday after entering a bear market, indicative of an economic slowdown that has hit global trade.
The losers’ brigade on Nifty metal was led by Hindustan Zinc (-4%), Vedanta (-3%) and JSW Steel, Jindal Steel and Hindalco, all of which registered an over 2% decline. Tata Steel, Hindustan Copper, and SAIL also posted an over 1% drop.
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