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Week 4 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.815 / EUR 1.640
3 months CLME USD 6.160 / EUR 5.560
The signing of the first phase of the trade agreement between USA and China brought positivity to the market, at the same time the market is preparing for the Chinese Luna (this Friday).
After a week with positive news where copper rose above 3 months CLME USD 6.300. But copper started falling yesterday and today copper have fallen again, at the moment 3 months CLME is around 6.160. There are several reasons for this fall. First there is a consolidation of the fast rising copper price, second news about the coronavirus in China has also had an impact on the copper price.
Overall there is still a positive sentiment in the copper price, due to falling stock and an expected growth in copper consumption. Copper is one of the metals poised to benefit the most as the world moves towards renewable energy. Demand is expected to rise with increased use of solar, wind energy and electric vehicles.
The outbreak for the coronavirus can have a huge effect on the commodity markets. It is still to early to say what will happen, but if the virus keeps spreading it will have a negative effect on the commodity prices.
It is expected that the activity in both aluminum and copper have started falling and the activity we not start picking up again until after Chinese New Year.
Factors that makes the price higher
Announcement of public stimulus in China.
Trade agreements between China and USA.
Factors that makes the price lower
The coronavirus in China.
The situation in the Middle East.
Low economic growth from China, US and Europe.
The trade war between China and USA. Now we are waiting for phase 2.