Copper escapes losses

The price of one of the most important non-precious metals at the end of 2014 fell to its lowest level since July 2009 at $ 2.50 per pound. This was reported by the supplier of electrical equipment UKRM Elcom-Energo.

This metal is economically sensitive. Copper was down 14 percent late last year, pulling downward action on the metals market with it. In this connection, futures contracts were concluded, suggesting a further drop in the metal to several monthly lows on the London Metal Exchange, similar to contracts from the beginning of December.

Commodity decline will still occur in the near term on the expected decline in the Chinese economy, which accounts for 45 percent of global demand for copper products. In addition, there is a forecast for an increase in supplies from mining mines this year, as well as over the next years.

At the same time, Wall Street estimates show that the increase in supply can be almost entirely demanded by the growing global demand. Mining giant Glencore PLC also agreed with this assessment. The company is the largest copper supplier in the world.

In addition, the company said the forecast for the surplus in 2015 would be very small and based on last year's surplus. A company expert also added that he would not be surprised to see copper shortages by the end of 2015. On the New York Mercantile Exchange, the most actively traded contracts, for delivery in March, rose 5.9 cents, or 2.3 percent, to consolidate at $ 2.6170 a pound.