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Thaw in commodity markets

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Thaw in commodity markets
August 21
09:00 2018

The increased demand for copper and the weakening of the trade conflict between the US and China have spurred the growth of copper prices. On Monday, the level of $ 6,000 per ton was overcome at the London Metal Exchange. In 3 months, contracts for the supply of this metal will also increase in price. According to them, copper will cost 1.2% more – $ 6004 per ton.

In addition to the news about the conflict easing and the increase in demand, the market was encouraged by the fact that the copper seizure from the warehouses tracked by LME (London Metal Exchange) had been growing over the past 3 years and had increased by almost half to 36,000 tons.

In addition to copper, gold has grown too. It went up by 0.3% and is being traded at 1188 dollars per ounce.

Last week was not very successful for these markets; they fell to the lowest values in the past year. The conflict between America and Turkey, as well as not encouraging statistics from China caused this decline.

On Monday, other metals also showed the growth. So, zinc rose by 0.3% and now it costs $ 2396, aluminum grew by 2.4% (to $ 2,081), tin – by 0.1% (to $ 18,750), nickel – by 0, 85% (to 13,670 USD) and lead – by 0.9% (up to $ 2018). Palladium grew by 0.6% and reached the price of 918 USD per ounce; platinum rose by 1.2% (796 USD).

The only metal that suffered losses was silver. Its price fell by 0.3% to $ 14.7 per ounce.

In general, this is a fairly positive start for the trading week, which could be the beginning of a positive trend for commodity markets, which instantly responded even to small easing in the conflicts.

 

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

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