SINGAPORE: Copper fell on Wednesday after the International Monetary Fund cut its global growth forecast and the United States threatened to slap tariffs on hundreds of European goods.
The International Monetary Fund (IMF) cut its forecast for world economic growth this year to 3.3 percent from 3.5 percent previously, citing the US-China trade war and a potentially disorderly British exit from the European Union.
It warned chances of further cuts to the outlook were high.
The US Trade Representative on Monday proposed to slap tariffs on a list of European Union products ranging from large commercial aircraft to dairy products and wine as it kicked off the retaliation process against European aircraft subsidies.
FUNDAMENTALS
Three-month copper on the London Metal Exchange dipped 0.1 percent to $6,483 a tonne by 0137 GMT, snapping two days of gains, while the most-traded copper contract on the Shanghai Futures Exchange was little changed at 49,610 yuan ($7,386) a tonne.
Other metals were mixed, with London aluminium edging up 0.1 percent and lead rising 0.3 percent. Shanghai zinc was on track for its third straight decline, down 1 percent, while lead fell 0.8 percent.
An indigenous community in Peru voted to suspend its two-month road blockade of MMG Ltd's Las Bambas copper mine for two days until the government visits the region on Thursday, an advisor to the community told Reuters.
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