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November 19, 2019

Copper price fell significantly due to high reserves

Copper priceAfter the long upward trend, the metal prices began to decline. The copper, aluminum and nickel prices fell by more than 2% on Tuesday after investors focused on the dollar’s appreciation and the evidence that there is enough supply on the physical commodity market. The noble metals also moved in negative territory and silver fell by 3.2%.

The economists and analysts consider that the commodities hardly will justify further movement at these levels. Due to the constant appreciation of the copper, the 7,000-dollar threshold per metric ton was passed for the first time in three years, and the paladium reached historical record high.

The copper prices fell by 2.4% to 7,054 USD per ton, losing most of its value for the past 6 weeks. Currently, the spot prices are below the futures, which suggests that buyers are not in a hurry to get their metal because of high stocks. The copper has appreciated almost every day in December, but now prices are close to 3% of the levels in early January.

Aluminum fell by 2% to 1,882 USD per tonne and nickel dropped by 3.7% to 12,380 USD per ton.

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