Metal Price News Week 47
Week 47 most important news, that have affected the metal prices
Todays commodity prices
3 months LME USD 1.960 / EUR 1.650
3 months CLME USD 7.080 / EUR 5.960
The metal prices have gone up this last week. Copper has broken through USD 7.000, and seems to keep above this level. Aluminium is trading above USD 1.900 per ton for the first time in 2020 and it is closing in on the USD 2.000 level, but has not reached it yet.
There are several things that are supporting the metal prices. Moderna have announced that they have a vaccine against Covid-19, which is more efficient then the vaccine from Pfizer, and can be transported at a higher temperature. So all together the fight against Covid-19 is progressing.
The US election has ended. Trump is still making some noise, but generally there is a consensus that Joe Biden has won and will be the next president of United States. Hereby the expectations for a new US financial stimulus package has increased.
In Europe the demand for aluminium has not changed and there is more then enough aluminium on the LME stocks, more than 1,4 mio. ton. But in China there is a strong demand for aluminium, especially from the automotive and the construction sector. The stocks in China has fallen from 1,7 mio. ton in April to 635.000 ton in November and last Friday the aluminium price on Shanghai Futures Exchange rose to the highest price for more than 3 years.
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.