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After crossing the bar of US $ 3 per pound yesterday, the price of copper continued its downfall on Tuesday and touched minimum levels in nine months, affected by trade tensions between United States and China and dollar stronger.
Today, copper fell 0.16% to $ 2.98668 per pound, its lowest value since the end of March 2018; he accumulates seven consecutive days of setbacks.
The President of the United States, Donald Trump sought to renegotiate his trade relations with countries such as China, to which he imposed tariffs on certain imports. This has generated similar measures from other countries and raised fears of a global trade war.
Trade fears also led to a strengthening of the price of the dollar impacting the price of metals. Especially, between yesterday and today, when the dollar was reinforced by the tensions in Germany on migration policies.
SHORT-TERM PRICE
In recent days, the commodity series has been reporting a short-term decline in the price of copper, according to Luis Eduardo Falen, Senior Research Analyst at Inteligo SAB.
"This is a trend that will continue as long as commercial retaliation announcements between the United States and China are maintained," he says
In this sense, fears about Chinese growth copper) and the United States (which requires 8%), would also result in the price of zinc. However, China has reduced reserve requirements for banks so that more money is available and demand for base metals is supported, says Falen.
The prolonged decline of copper in the short term will not affect the Peruvian economy since the forecasts for this second half of the year have already internalized the price copper around $ 3 a pound.
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