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LONDON – The copper price fell in Friday's session, registering a fifth consecutive weekly decline, while maintaining trade tensions between China and the United States.
Three months of copper on the London Metal Exchange (LME ) ended with a 0.2 percent drop to $ 6.238 a tonne, but was down 1 percent over the week.
The metal lost more than 15% in five weeks down, under pressure from fears of an increase in supply after Indonesia reached an agreement with the mining companies on Thursday. Freeport-McMoRan and Rio Tinto to buy a controlling stake in Grasberg, the second largest copper mine in the world.
While the price of aluminum has touched at least three months before a summit between US President Donald Trump and his Russian counterpart, Vladimir Putin.
Aluminum closed down 0.5% to $ 2,031 per ton, after falling to $ 2,021.50 a tonne, its lowest level since the beginning of April.
Trump and Putin will meet in Helsinki next Monday and investors in the aluminum sector are expecting some relief or the lifting of US sanctions against Rusal, the world 's second largest aluminum producer.
"There is an expectation that if you remove the sanctions against Rusal, it could happen after the meeting (between Trump and Putin)," said Nick Snowdon, metals strategist at Deutsche Bank.
On the trade dispute between the United States and China, Snowdon said speculative copper investors are positioned neutrally, reflecting a cautious attitude to the problem. Economic uncertainty.
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