Metal Prices News Week 47
November 19th 2019
This weeks most important news, that have affected the metal prices.
Todays commodity prices
- 3 months LME USD 1.740 / EUR 1.565
- 3 months CLME USD 5.830 / EUR 5.230
There have not been much movement in the commodity prices this last week, but the commodity prices have slowly been falling going from LME USD 1.790 1 week ago, and then slowly dropping USD 50 during the week. For copper the price was USD 5.875 1 week ago, and then slowly dropping to USD 5.830.
The physical stock for aluminum on LME has for a long time been dropping, going from 1.250 T/ton back in May 2019 to 950 T/ton in the beginning of November 2019, but the last 2 day the stock has gone up with 75 and 45 thousand ton. This does not have to mean anything, it is just something to be aware of, and it is putting a downward pressure on aluminum.
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.
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