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Time to buy copper! The price for the metal fell to a minimum in a year

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Time to buy copper! The price for the metal fell to a minimum in a year
August 15
09:00 2018

Today’s morning was surprising for investors who prefer working with conservative assets.

Copper has shown a decline to less than 6 thousand dollars per tonne. The last time this price was recorded in July last year.

The steady growth of the US national currency has caused the cheapness of this popular metal. The fact that the strike at the copper mine BHP Billiton (located in Chile) is likely to be prevented became the next reason for the “anti-growth”.

Today, since the start of the bidding process, the price of futures has fallen by 1.9% to a level of $ 5,928 per tonne.

Experts agree that there is potential for further reduction in copper prices. Moreover, if the situation does not change radically, that the next stage of price reduction will be forthcoming.

We recall that the copper price can rise if there is a strike at the copper mine Escondida. Today it became known that the world’s leading mining concern BHP Billiton Ltd. together with the mining workers’ union in Chile, had agreed on a plan to increase workers’ wages employed at the Escondida mine. Now the plan should be agreed by the miners. If it is adopted, BHP Billiton Ltd. will avoid strikes, copper prices will continue to fall.

Other metals have shown a decline today too. So, zinc has fallen in price by 2.2% (this is minimum for two years).At the moment gold has fallen in price by 0,6% to the  mark of 1186,6 US dollars per troy ounce.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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