Metal prices dipped on Friday as traders took the stance of wait and see attitude after President Donald Trump announced that he was ready to proceed with additional tariffs on $200 billion of Chinese products.
Copper slipped 1.83 percent to $2.63, Nickel futures fell 1.49 percent to 12,412.50, zinc slipped 1.87 percent to 2,309.75, aluminium fell 0;76 percent to 2,036.75.
Gold failed to keep its value on sluggish trading, Gold futures on the Comex division of the NY Mercantile Exchange for December delivery fell 0.73 percent or $8.80 to $1,199.40 a troy ounce.
Platinum futures fell 0.73 percent to $797.40 and Silver futures lost 0.80 percent to $14.13 a troy ounce.
On Thursday President Trump instructed his aides to proceed with fresh tariffs on about $200 billion of Chinese products, this is in addition to $50 billion in Chinese goods that have a 25 percent duty.
According to news reports the announcement by the administration of fresh tariffs have been delayed over concerns by public comments and a threat of a significant backlash from major U.S. companies.
U.S. stocks erased gains, dropping to session lows as the threat of fresh tariffs hit the financial markets. The US dollar strengthened against the Chinese offshore yuan, the most in two weeks.
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Technology shares fell, leading the decline was iPhone maker Apple Inc. whose shares fell 1.7 percent, with Apple warning that there was a risk in the increase in the cost of their products if new tariffs were imposed.
Data released by the government of China on Friday showed that fixed asset investment growth was at a record low, for the first eight months of the year it slowed to 5.3 percent, below forecasts of economists.
So far, the Chinese have retaliated with the equivalent amount of tariffs on U.S. goods.
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