Metal Price News Week 45
Week 45 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.880 / EUR 1.610
3 months CLME USD 6.800 / EUR 5.810
The copper price has fallen this past week, from USD 6.900 to USD 6.770, while aluminium have stayed at the USD 1.850 level. But there have been risk off this past week, where USD have risen against EUR, this means that EUR copper is more or less the same at EUR 5.810 and EUR aluminium have risen from EUR 1.550 to EUR 1.610.
The main focus now is the US election and there is a lot of insecurity in the market and no clear indication of what to expect tomorrow after the election. If there is a clear winner and no disturbances it is expected that both the metal prices and the EUR/USD will rise. This will also give rise to a new stimulus package. But if there are no clear winner or/and disturbances it is expected that the metal prices and the EUR/USD will fall.
At the moment US and Europe are having a second wave of the Covid-19 virus, but in Asia there is no second wave. This keeps the metal price at the current level. The economic figures out of Asian and US are positive which also supports the current metal price level.
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.