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The price of oil, meanwhile, has reached new highs since the United States in 2014.
Investors have not given a truce to the price of copper in recent days. After falling US $ 3 a pound on Monday on the London Metal Exchange, yesterday the red metal accentuated its decline and marked its seventh consecutive day of setbacks.
According to Cochilco, the copper pound yielded 0.16% to US $ 2.98668, its lowest value since the end of March this year.
The country's main export is shrinking by 3.32% in its downtrend.
The commodity was affected by signs of weakness in the Chinese economy, the rising dollar and fears generated by the trade war with the United States, given that the Asian giant is the main consumer of copper on a global scale.
Up to now this year, the price of metal has lost 8% of its value. After the rebound of last year, the industrial metal has been under pressure from the flow side, given the decrease in risk appetite that has affected risky badets, such as commodities, the rise of the multilateral dollar and the perception of a normalization of monetary policy in the United States more accelerated than expected
Oil exceeds 75 dollars a barrel
Meanwhile, oil prices continue to And in New York, they exceed the 75-barrel barrier, while the futures contracts climbed 1.7%
WTI barrel spent US $ 75 for the first time since 2014 in the face of Global signs that global supply cuts exceed the recently announced production increase, the Organization of Petroleum Exporting Countries (OPEC), according to Bloomberg.
In June, the price of the product experienced volatile days while investors anticipated an increase in production quota, which allowed the price to rise in 2017 after years of weakness.
Even given US pressure on Saudi Arabia – a leader in fact of OPEC – to increase production more than expected, the limits of production in countries like Libya, Canada and Venezuela maintains high prices.
Another factor was inventories in the United States, which are expected to decline again, even though they are at their lowest level since January. The market "is expecting a bullish number" in the stock report on Thursday, said Bob Yawger, futures director of Mizuho Securities USA Inc., Bloomberg
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