Week 13 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.580 / EUR 1.450
3 months CLME USD 4.795 / EUR 4.420
It is still news regarding the coronavirus that drives the market. Fed, ECB and central banks have been out trying to ease the situation, but it has still not had the wanted effect. The market will turn when the investors are ready to turn the market.
Last week the commodity prices fell. Copper fell to USD 4.375, this was the lowest copper price since January 2016. Aluminum fell to USD 1.575, which was the lowest since September 2016. These last 2 days the copper and aluminum price have tried to stabilize again, and prices are rising slowly again.
Mining companies around the world have started to halt their productions and delay investments projects. So supply is starting to decrease, which should help the commodity prices to stabilize.
China and South Korea are more or less clear of the coronavirus, and thing are also looking better for Italy. Italy have been very hard affected by the coronavirus. So there are things that are looking more and more positive.
Factors that makes the price higher
Announcement of public stimulus in China, Europe and USA.
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.