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The metal returned to US $ 2.34 per pound while inventories continue to fall internationally, painting a positive outlook for the commodity.
ANDThe price of copper is at its highest level in six weeks, Faced with greater optimism in the market due to the increase in demand for the metal once the Covid-19 begins its withdrawal.
Cochilco data shows that the country’s main export rose 0.93% today on the London Metal Exchange, ending operations at $ 2.34 per pound, picking up highs since mid-March.
In the futures market, the story is different but movements are few. At this time, futures for the metal fell a slight 0.06% to US $ 2.3350 per pound in Chicago.
This occurs in a context of optimism among investors, who anticipate that the progressive normalization of economies Go to boost metal consumption.
“The Chinese factories have been resuming operations and now we have some European plants also resuming, so if everything goes according to plan and we already saw the peak of the closings, we should have seen the weight of the demand for metals by now,” he said. Julius Baer analyst Carsten Menke told Reuters.
A good one sign that the consumption of this type of raw materials is increasing is a deepening of the fall in inventories, especially in China, the largest consumer of commodities globally.
Copper stocks on the Shanghai stock exchange fell more than 44,000 metric tons last week, reaching their lowest level since mid-February, with milder declines in Chicago and London.
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