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Week 17 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.480 / EUR 1.370
3 months CLME USD 5.080 / EUR 4.685
The financial markets are still very unsecure and there is a lot of volatility in the markets. Yesterday the oil prices fell, and the future contracts fell below zero. The is because the oil stocks are full and it is now a problem to deliver the oil. The oil price did come up again and the oil price is around USD 20,00 per barrel.
But it shows how unsecure the market is. The drop in the oil price also have had effect on the commodity market. Aluminium are down approx. USD 20 since yesterday, while copper are down approx. USD 80.
Mining companies around the world have started to halt their productions and delay investments projects. Among other have BHP informed that they have reduced their Chilean copper operation with more then 30%, and reduced their operations in South Africa, Peru and Ecuador.
These last 2 week the commodity prices have risen on the expectations that the worst of the coronavirus is over. Copper have risen to over USD 5.000 and at a high copper prices almost reached USD 5.200. But the fall in the oil price shows that it is an unstable commodity market. It seems like the copper and aluminium price have found a new level around here, for now.
Factors that makes the price higher
News reading coronavirus.
Announcement of public stimulus in China, Europe and USA.
Trade agreements between China and USA.
Factors that makes the price lower
News regarding the coronavirus.
Low economic growth from China, US and Europe.
The trade war between China and USA. There is a possibility that there will not be an agreement before the summer 2020.