Goldman Sachs analysts believe that in the short term, copper prices on the London Metal Exchange could rise to $ 6,200 per tonne, an increase of 4 percent, thanks in part to the loose monetary policy of the central bank of China.
Good news for the raw materials market at the beginning of the week came from the Middle Kingdom. The PMI index, indicating the situation in the Chinese industrial sector, was 50.4 points in June. This is the highest rate since March. In addition, the expected value was at 49.8.
The growth in the quotation of the metal is supported by the situation with supplies, as world copper reserves fell last week to the lowest level since February.
The copper market, like other metals, also supports the recently cheap dollar. Since January, the euro /dollar rate has increased by 10 percent.
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