Metal Prices News Week 46
November 12th 2019
This weeks most important news, that have affected the metal prices.
Todays commodity prices
- 3 months LME USD 1.770 / EUR 1.605
- 3 months CLME USD 5.860 / EUR 5.320
Both copper and aluminum prices have fallen this week. After last week positive news regarding trade talks and talk about Chinese stimulus, the prices have started to come down again. Now there is renewed doubt about the trade talk.
Copper have been close to trading at USD 6.000 per ton. The copper storage is getting smaller, and there is a fear of copper shortage, which keeps the copper at high level. The fear of copper shortage can give volatility in the copper price.
LME have broken USD 1.770. Due to the uncertainty regarding the trade talks LME have gone under USD 1.800 again. CLME has gone under USD 5.900.
Factors that makes the price higher
- Announcement of public stimulus in China.
- The trade war between China and USA.
Factors that makes the price lower
- Low economic growth from China, US and Europe.
- Chinese aluminum producers are ramping up production on improved aluminum prices, with output at one smelter - Shanxi Meixin Industry - now running at full capacity of 300,000 tonnes per year.
- The trade war between China and USA. There is a possibility that there will not be an agreement before the summer 2020.
The prices are from November 12th 2019.
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