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Metal Price News Week 49

Week 49 most important news, that have affected the metal prices

Todays commodity prices

3 months LME USD 2.050 / EUR 1.710

3 months CLME USD 7.650 / EUR 6.390

 

All base metals on London Metal Exchange, except tin, have set year high prices this week. The copper price is now over USD 7.600 per ton and the aluminium price is over USD 2.000 per ton. Aluminium finally broke through USD 2.000 level.

 

The economic data out of China have been better then expected at a time where the commodity stock in China are low and the demand are high. There are fear of bottlenecks, which can drive the prices even higher.

 

The economic data out of China are already good, with higher PMI and productivity, at the same time it is expected that the production will start rising in USA in 2021, and maybe also the same for Europe. So even with the expected rising production of copper and aluminium it is expected that the demand for copper and aluminium will be even higher, and therefore it is expected that the commodity prices will keep rising in 2021.

 

In spite of the rising commodity prices it is expected that there will be some setback when the commodity prices have run ahead of the fundamentals. But altogether it is expected that the prices will keep rising into 2021.

 

Factors that makes the price higher

Economic data out of China, USA and Europe.

News regarding the coronavirus.

Announcement of public stimulus in China, Europe 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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