Copper Price Rises Strongly in London

Copper prices on the London Metal Exchange rose 1.4 percent. Profits for other industrial metals also increased. This is a reaction to the comments of the Japanese authorities, who said they will try to stabilize the situation in the markets, which has changed significantly since the referendum in the UK. Copper on the London LME metal market with a 3-month supply is valued at $ 4,777.00 per tonne.

Japanese Prime Minister Shinzo Abe promised on Tuesday that he will do everything to stabilize financial markets. Also British Treasury Secretary George Osborne tried to calm the markets. Osborne said the UK's decision to leave the EU could lead to instability in financial markets, but the UK economy is strong enough to deal with the challenges it faces. He added that the government has created a special contingency plan to help implement Britain's exit from the European Union.

The market is waiting for global stimulation not only in Japan, according to Angus Nicholson, strategist at IG Markets Ltd. “If the global situation becomes more serious and there is an even sharper recession, we can expect increased action also from China, especially in infrastructure spending,” he added. On Friday, all industrial metals fell very strongly, by more than 3 percent, and copper. to 4 percent, but ended the session with a 1.7 percent decline in copper. It was a reaction to the UK vote, in which 51.9 percent of Britons voted in favor of Britain leaving the European Union.