The Chinese Ministry of Economy and Finance, in a retaliatory move, imposed customs duties on about 5,207 imported goods from the United States (equivalent to about $ 60 billion).

Entry fees for these goods range from 5% to 25%. Ore and concentrates of copper, zinc and nickel include a 25% tariff.

It seems that the effect of the 25% tariff on copper concentrate will not be effective in the United States, since imports from the United States account for only 3% of the total import of Chinese copper concentrate. The import of Chinese copper concentrate from the United States in 2017 would be approximately 433,000 tonnes, which would be due to tariffs, or other countries supplying this volume, or US copper concentrate from another country will enter China.

Copper prices on yesterday`s Shanghai futures trading, up from 0.2 percent, unlike the LME, rose by 0.2 percent to $ 6,228 per ton without taxes.

China`s central bank, in a bid to stabilize the value of the yuan, said Monday that all banks in the country are required to keep 20 percent of their foreign exchange contracts as a reserve in the bank.