Metal Price News Week 43
Week 43 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.845 / EUR 1.565
3 months CLME USD 6.845 / EUR 5.795
The aluminium price has been very steady this last week, with only small movement, while the copper price has kept rising. Aluminium is at USD 1.845 per ton, while copper is at USD 6.845 per ton.
There is still much uncertainty in the commodity market. Many counties are increasing their restrictions because the numbers of infected people with Covid-19 is rising. At the same time the talks about a new US stimulus package are more optimistic. This is pulling the commodity market in two different directions.
The economic key figures are also mixed, the Chinese Gross Domestic Product (GDP) rose 4,9% in third quarter, which was less then expected, but at the same time the industrial production rose 6,9%, which was higher than expected
This week there is LME Week, this time it is virtual. At LME Week all the big companies meet and talk about their expectations to the production, price etc. of the metal market. An opinion poll for the trades showed that they expect continuing rising copper prices into 2021.
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.