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Base metals rise on progress in U.S.-China trade talks.Jul 28, 2019 08:52
Most London industrial metals prices advanced on Wednesday amid reports of progress in trade negotiations between the United States and top metals consumer China.
White House economic adviser Larry Kudlow said on Tuesday it was a good sign that top U.S. officials would be travelling to China to discuss reviving stalled trade talks, and said he expected Beijing to start buying U.S. agriculture products soon.
The trade war between the world's two biggest economies has weighed on global economic growth and dimmed the demand outlook for industrial metals. A sign of progress in resolving the dispute often supports base metal prices.
"The trade talks nowadays are becoming more of a long grinding battle," said Jeff Ng, Continuum Economics' chief economist for Asia. "The focus is slightly shifting away from
all the trade rhetoric. Going forward, China's (economic growth) slowdown will likely play a bigger part," he added.
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