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The market of non-ferrous metals demonstrates another record

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The market of non-ferrous metals demonstrates another record
September 04
09:00 2017

Today, on September, 4 a record price for nickel and copper has been fixed. Nickel has shown a maximum for more than two last years, while copper has risen in price to the highest mark for the last three years. First of all, the given growth has been caused by restrictions of deliveries while keeping the demand.

During the trading session, the price of $ 12,380 per ton of nickel was fixed. The price increase compared to the previous trading session has amounted to 3%. As for copper, during the bidding the price was rising to the mark of 6920 US dollars per ton of this metal. The price increase for the day totaled 1.3%.

The analysts judge the state of the metal market by the index of six metals. This indicator has been increasing for two consecutive months. This has been the longest growth period over the last 11 years.

And now some words about other assets in the metal market. Currently, gold costs 1338 per ounce (this is the maximum for the last 11 months). Palladium is being traded at 995 US dollars per ounce (maximum for the last 16 years). One ounce of platinum costs $ 1,014 (maximum for the last six months). Futures for such an interesting asset as steel wire (traded on the stock exchange in Shanghai) have risen to a record historic value of 4284 yuan per ton.

Let’s talk about the reasons for the steady growth in the metal market. The increase in the price of steel wire is due to force majeure, namely, a fire at the largest steel plant in China. Gold is becoming more expensive, since after testing the nuclear bomb in China, the world demand for protective devices has grown. This happened as this metal is used for the production of these devices.

The growth in prices for other metals is primarily due to China’s new policy on stoppage of the environmental pollution growth. Official Beijing in time slowed the growth of harmful industries as the environmental situation in many areas of China was close to a disaster. Also, а weak position of the US dollar undoubtedly influences the metal market.

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

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