Copper price down despite tight supply

The London Metal Exchange index slumped to a one-and-a-half year low of 2730.1 on Jan. 3.

 Even if a trade agreement is reached soon, analysts say it would be no panacea for China's economy, which is expected to continue decelerating in coming months.

"It’s a bullish sign for gold"

But over the long term, the global copper deficit is expected to shrink, and the market will shift to oversupply.

Chinese steel futures rose on Friday buoyed by expectations that steel mills would replenish their stocks of the raw material.

China launched the crackdown on the rare earth sector in 2009, with authorities claiming that illegal activities drove down global prices and made it impossible to cover the huge environmental costs of production.

With metals ringing off the new year on a weak note, both price- and demand-wise, BMO Metals says the main questions for 2019 revolve around China and whether its government is doing enough to slow the country's economic contraction.

Barrick now trades as GOLD in New York and continues as ABX in Toronto.

The founder of the US private security company aims to raise as much as $500 million to invest in deposits of metals such as cobalt, lithium and copper.