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Week 9 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.705 / EUR 1.570
3 months CLME USD 5.710 / EUR 5.260
The coronavirus is still the main focus on all financial markets. Now the outbreak of the coronavirus has been discovered in other countries than China. The outbreak is now registered in China, Japan, South Korea and Italy. The fact that the outbreak has been discovered in other countries made the investors seeking more safe investments. The commodity prices only have small changes which indicates that the commodity prices already are low. But the commodity market is very fragile and there is nothing that indicates that we are at the bottom of the commodity market.
Due to the coronavirus the Chinese aluminum inventories have started to climb. The Chinese aluminum smelters are still producing aluminum, but the demand has been falling due to the coronavirus. This have put even more pressure on the aluminum price.
The US dollar have grown very strong since the outbreak of the coronavirus, because the investors have placed their investments in JPY, CHF and USD assets, as a part of their risk off. This have had the effect that even though the commodity prices in USD fell then the commodity prices in EUR kept high. But with the virus spreading to more countries the USD have started weakening, as there now is an expectation of cutting interest in the US in 2020.
Factors that makes the price higher
Announcement of public stimulus in China.
Trade agreements between China and USA.
Factors that makes the price lower
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.