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Week 50 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.755 / EUR 1.585
3 months CLME USD 6.080 / EUR 5.485
The aluminum stock on London Metal Exchange (LME) continues to increase and are now at 1.288k tons. At the same time there are again uncertainty regarding the trade agreement between China and USA. This have affected the LME price so that the aluminum is around USD 1.774 pr. ton, even though there are good economic figures out of China, USA and Europe. For aluminum there is a risk that the price will drop further, and the next resistance is around USD 1.705 pr. ton.
Copper have increased to over USD 6.000 pr. ton this week. Especially expectations regarding increased Chinese public investments have driven the price higher. This is the highest copper price since July 2019. For copper the expectations are that the price can go even higher, the next resistance point is around USD 6.250 pr. ton. Due to the fact that the copper price has risen much in a short time, there is also a risk that the price might fall back, but there is good resistance around USD 6.000 pr. ton.
Factors that makes the price higher
Announcement of public stimulus in China.
The trade war between China and USA.
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.