Metal Price News Week 5
Week 5 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.750 / EUR 1.585
3 months CLME USD 5.720 / EUR 5.160
The outbreak for the coronavirus has had a huge effect on the commodity market. Sadly it seems like the virus keeps spreading, the number of infected people keeps going up and new countries have detected the virus. It must be expected that the coronavirus will keep having a negative effect on the commodity prices until we start seeing some positive news.
Especially for copper the price has fallen the last 7 days. The coronavirus plays a large role in this price fall, but also the stock for copper plays a roll. The LME stock for copper rose approx. 70 mio. ton in 2 days, and it was the largest 2 days stock increase for more than 6 years.
The Chinese Luna have begun and will not end before February 3rd. This means that the activity in the marked is lower than usual.
3 months CLME is at the moment around USD 5.720 and 3 months LME is at USD 1.750 the market is expected to be negative, but very volatile, until there will be some positive news regarding the coronavirus.
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. There is a possibility that there will not be an agreement before the summer 2020.