Metal Price News Week 3
Week 3 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.790 / EUR 1.600
3 months CLME USD 6.290 / EUR 5.620
There has been several positive news this week. It does not seem like the tumults in the Middle East will escalate. It is expected that the first part of the trade agreement between China and USA will be signed tomorrow (Wednesday). This have had a positive effect on the commodities, especially copper have gone higher on these news, while aluminum have stayed in the positive momentum but not risen so much.
Copper closed at USD 6.290 yesterday (Monday) this was the highest Copper price since April 2019. The volume of copper trading on London Metal Exchange (LME) is not very high, but the falling stock on LME keeps driving the copper price higher. There is a positive momentum in copper, and it is expected that the copper price can go over USD 6.300.
The aluminum stock at LME are also falling, but the aluminum stock at LME is still much higher then back in November. There is positive momentum in the aluminum price but not as much as in copper. Aluminum continues to test USD 1.800, but for now without luck. If aluminum goes past USD 1.800, the next test will be around USD 1.850.
It is expected that the activity in both aluminum and copper have started falling and the activity will not picking up again until after Chinese New Year.
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 situation in the Middle East.
Low economic growth from China, US and Europe.
Chinese aluminum producers are ramping up production.
The trade war between China and USA.