Metal Price News Week 40
Week 40 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.780 / EUR 1.525
3 months CLME USD 6.550 / EUR 5.600
Wednesday last week the metal prices started to fall, copper fell over USD 250, and aluminium over USD 50. The market toke some risk off, due to Covid-19 and concerns about the economic growth. This meant that USD got stronger, and stock and commodities started to fall.
Both copper and aluminium have risen a bit since the fall, aluminium is almost back at LME 3 month USD 1.800, while copper still is approx. USD 200 away from CLME 3 month USD 6.800. One of the reasons commodity prices started to rise again is because the US Congress is working on a new stimulus package, for USD 2,2 trillion. But there is a risk that this will not be approved until after the US election, therefore there is a risk that the market will fall back again.
China will be closed for Golden Week, October 1st -8th, therefore it is expected that the market will calm down, and that there will be lower trade activity. There is a risk / possibility that the commodity market will be slightly negative during the Golden Week.
Factors that makes the price higher
News reading coronavirus.
Announcement of public stimulus in China, Europe and USA.
Trade agreements between China and USA.
Factors that makes the price lower
News regarding the coronavirus.
Low economic growth from China, US and Europe.
The trade war between China and USA.