Metal Price News Week 43
This weeks most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.730 / EUR 1.540
3 months CLME USD 5.820 / EUR 5.190
The trade talks between US and China have resulted in the first agreement, and both parties keeps a positive attitude. This have resulted in small increases in the commodity prices.
The main focus is still on the economic key figures and lately they have been pointing to weakness in the global economic. Chinese export is falling, and last week China announced that the GDP growth was 6,0%, this was the lowest economic growth for China in 3 decades.
LME seems to be quite resistant at USD 1.700 but also have problems going up to USD 1.800. With the turmoil in Chile the CLME is now over USD 5.800.
Factors that makes the price higher
Announcement of public stimulus in China.
Factors that makes the price lower
Low economic growth from China, US and Europe.
Chinese aluminum producers are ramping up production on improved aluminum prices, with output at one smelter - Shanxi Meixin Industry - now running at full capacity of 300,000 tonnes per year.
The trade war between China and USA. There is a possibility that there will not be an agreement before the summer 2020.
Factors that influence copper prices
The turmoil in Chile is influencing the copper prices, the prices have gone up USD 50 – 75 since Friday. Union workers at Escondida, the world’s lagest copper mine, have threatened to strike. If there is a strike at Escondida the copper prices will go even higher.