Copper Pares Gains as Trade War Blunts Biggest Jump in Two Years

Copper retreated from the biggest jump in more than two years as the escalating US-China trade war punctured a relief rally in global risk assets.

Industrial commodities have been pressured for weeks as President Donald Trump ramped up his push to reshape global trade. While he earlier this week announced a surprise tariff reprieve for some countries, his administration also affirmed that levies on imports from China total at least 145%. The flip-flopping leaves investors uncertain about how tariffs will affect commodities demand, trade flows and monetary policy.

“Investors have to back away for now; no one can predict what ...