Copper and other base metals saw a decline due to the strengthening of the dollar following comments made by US President-elect Donald Trump about new tariffs.
The market response was evident as Asian shares fell in reaction to the news, reflecting concerns about potential trade tensions and their impact on global economic stability.
Trump announced his plans to impose a 10% tariff on Chinese goods and a 25% levy on imports from Mexico and Canada through his Truth Social network. This announcement caused a 0.7% increase in the Bloomberg Dollar Spot Index, although it later eased slightly.