Copper prices on the London Metal Exchange during the last session in 2017 are slightly lower, but the end result for the metal will be one of the best in a decade.
On the morning of December 29, copper on the LME in 3-month supplies became cheaper by 0.1 percent, amounting to $ 7,282.00 per tonne. Previously, the metal rose 10 straight sessions, and it was its longest series of prices since 1989.
On December 28, on the LME during the session, the price of the metal exceeded USD 7,300 per ton, which is the highest level since January 2014. There is growing optimism in the markets that the demand for the metal will be stronger.
In addition, there were disruptions to the supply of copper in China, where work was to be stopped by the largest metallurgical plants as part of the Chinese authorities' fight against severe air pollution and smog.
Moreover, the US dollar is weak and industrial metals are valued in this currency. All these factors contribute to further growth in copper prices, analysts predict.
Since the beginning of 2017, copper on the LME is up 32 percent. This is the best year for metal since 2010. “Most investors are even surprised by the growth rate,” says Wang Yue, an analyst at Shanghai East Asia Futures Ltd.
Copper records extraordinary results in 2017
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Azovpromstal® 30 December 2017 г. 11:25 |
