Copper on the London Stock Exchange grew cheaper strongest in almost six years, less than 5,400 USD per ton due to concerns about demand for metals. Copper LME three-month supply costs USD 5,493.75 per tonne, after falling by 6.3 percent. Previously, however, the price dropped by 506.75 USD to USD 5,353.25 per tonne, the lowest since July 2009.
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Copper in London grew cheaper strongest in almost six years
On the Comex exchange in New York, a pound of copper for March delivery cheaper by 6.2 percent. to 2.4815 USD.
Shanghai Metal Exchange copper supply in February grew cheaper by 4.0 percent. to 41,190 yuan per ton (6.648 USD).
Deutsche Bank analysts estimate that China’s copper consumption this year will grow the least since at least 2010.
The production of refined copper exceeds the This year, demand for the metal by 380 thousand. tons. This is more than 2 times more than in 2014. – According to forecasts Societe Generale SA.
CRU Experts predict that the growth rate of demand for copper in China will slow this year to 4 percent. from 5.5 per cent. in 2014.
Macquarie Group Ltd. Economists estimate the excess copper in 2015. in global markets 98 thousand. tons.
– The psychological factor is now the main driver of change in the markets. Investors can look to the growing stocks of copper – he said.
Inventories of copper monitored by the stock exchanges in London, New York and Shanghai have increased since the beginning of 2015. By 4.5 per cent., And since June last year. Year increased by 29 percent.
– Investors also see that the falling price of oil, and it moves to a new raw materials, including metals – says Ivan Szpakowski, an analyst at Citigroup Inc. in Hong Kong.
– Copper prices fall but faster than other raw materials – he added.
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