BEIJING: Shanghai copper prices snapped a five-day winning streak to end lower on Thursday, after US President Donald Trump said any trade deal with China would "need a different structure" and Washington launched a probe into auto imports that could lead to new tariffs.
Copper had rallied at the start of the week after US Treasury Secretary Steven Mnuchin said the prospect of a US-China trade war, following the imposition of US tariffs on steel and aluminium, was "on hold".
Industrial metals are suffering "under the risk-off tone in the markets, following signs that trade negotiations between the United States and China are not progressing as well as initially thought," ANZ wrote in a note.
Copper is the "commodity most leveraged to the global economic cycle," it said.
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