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Week 26 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.595 / EUR 1.415
3 months CLME USD 5.910 / EUR 5.240
Copper prices have kept rising over the last week and have broken through USD 5.900. While aluminium prices has remained at the same level, USD 1.595, over the last 7 days. The aluminium market is oversupplied which is the reason for aluminium prices are not rising. Especially the shutdown in the automotive industry have hit the aluminium prices very hard.
The demand for copper is also at a low level, and it is the speculative positions that are driving the copper prices higher due to financial stimulus and support from Central banks and governments who are trying to kick start the industries again. There is a risk that the copper prices have run ahead of the fundamentals which could lead to falling copper prices.
There is a growing fear of a second wave of Covid-19 infections, and the number of infected people in several countries are rising again, but for now it does not affect the metal market.
Factors that makes the price higher
Trade agreements between China and USA.
News reading coronavirus.
Announcement of public stimulus in China, Europe and USA.