[ad_1]
International Economics
->
Copper price recorded a weekly loss of 4.8%, minimum of three years
The fall of red metal was driven by speculators, according to the consulting firm T-convenience.
<! –
->
The price of copper this week saw a 4.8% drop in the London Metal Exchange (LME) futures market, after closing Friday at $ 2.87. US by Libya, reported Friday the Chilean Copper Commission ( Cochilco ). This weekly loss – the most pronounced since January 2015 – was stimulated by computer speculators and the long liquidation of Chinese hedge funds, said Reuters Gianclaudio Torlizzi, partner of consulting firm T For Cochilco, copper will touch this Friday its lowest level of the year in response to the escalation of the trade war: China reacted to the US $ 34 billion tariffs applied by the United States to more 800 products related to the aerospace, information technology and robotics sectors. The administration of Donald Trump has not ruled out that an additional $ 16,000 million US can be added in two weeks. The two powers have surpassed the threats of more than 400,000 US dollars.
Related article BCR: "The decline in the price of copper is a consequence of the trade war"
The Chilean Commission noted that uncertainty dominates the metals markets, so the funds investment "have sharply reduced exposure to volatile assets such as copper, precipitating the fall of the current week." In addition to this, metal stocks remain high with a 36% increase over by the end of 2017 and, furthermore, the market would go through a transitional surplus period of copper "he added.Although there is uncertainty, Capital Economics reiterated in a report that growth in the second quarter in the four largest economies: the United States, the Eurozone, Japan and the United Kingdom
Torlizzi believed Cochilco is forecasting an ore price of US $ 3.06 per pound this year , while the Central Bank the reserve expects it to end at US $ 3.10, but said that this prospect will persist, as long as the price The price of copper to three months fell to 2% in the LME, to US $ 6,225.50. ton July 6, its lowest level since July 25, 2017. However, it recovered during the session and closed at US $ 6,282: the red metal has ended the session. Friday with a 1% expansion.
[ad_2]
Source link
