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Metal Price News Week 48

Week 48 most important news, that have affected the metal prices

Todays commodity prices

3 months LME USD 1.980 / EUR 1.670

3 months CLME USD 7.320 / EUR 6.160

 

The metal prices keeps rising. The copper price is now over USD 7.300 and the aluminium price is over USD 1.900 per ton. This past week the aluminium price has tried to break through USD 2.000 level several times, but has not succeed so fare.

 

The positive news regarding a vaccine against Covid-19, the expectations of a higher demand after the Covid-19 and the fear of a low productions from the mines are keeping the metal prices at a high level. There is now an expectation that the production of aluminium and copper will be lower then the demand in 2021, which leads to falling stocks. Shanghai Futures Exchange registered warehouses have already registered the lowest copper stock since 2015.

 

Looking at the economic figures it is still a blurry picture. The industrial production from China in October where better then expected, while the American manufacturing index and retail sales were lower than expected and in Europe the PMI for November was under 50,0.

 

Joe Biden has now been given access to the White House and he has started naming the secretaries for his government. It will be interesting to see how he will react with the trade agreements, especially to China. This may affect the metal prices.

 

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.

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