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Week 19 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.475 / EUR 1.360
3 months CLME USD 5.145 / EUR 4.740
Overall the focus is still on the coronavirus, the slowly opening of many countries and the effect on the economies. There is a low volume and high volatility in the commodity market. At the moment the biggest effects on the commodity prices are the issue between USA and China, regarding the origin of the coronavirus and the oil output.
There are talks about the Chinese government are offering to subsidize inventory accumulations. If this is correct this is stabilizing the commodity prices at a higher level. There are also factors that may led to lower metal prices. Hydro have informed that their profit margin have risen 6 folded to USD 300 per tonne of aluminium produced. The reason for this is falling oil price and the weakening of NOK against USD.
The copper stock in Shanghai have dropped approx. 12% since the end of March. The reason is increase in import activity and expectation of a Chinese VAT cut in May.
The commodity market seems to have consolidated at these levels for the moment, but the market is very fragile and it can change quickly.
Factors that makes the price higher
Positive news reading economic data.
Announcement of public stimulus in China, Europe and USA.
Trade agreements between China and USA.
Factors that makes the price lower
Negative news regarding economic data.
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.