Head of Commodity Strategy
Financial markets are growing increasingly nervous ahead of Thursday, when President Trump is expected to slap another round of punitive tariffs on Chinese imports. The dollar is seeing some broad-based gains while stocks are trading lower.
The reaction in commodities has been broadly negative with crude oil and products being the noticeable exception as momentum buyers respond to Iran supply risks and Tropical Storm Gordon currently moving through the Gulf of Mexico.
Copper is currently trading down on the day by 2.5% and silver has hit a 2-1/2 year low against the dollar and a near 10-year low against gold on its link to industrial metals.