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The copper continues to rise -for the third consecutive week- and this Friday it traded in the U $ 3,511 a pound (US $ 7,741.50 per ton) on the London Metal Exchange.
The main export product of our country, therefore, It hit highs since 2013.
According to Cochilco, the average price so far this year is US $ 2,752 a pound. The Commission, on November 23, raised its projection of the value of the copper price, something that led to a eventual higher demand for the metal from China, which is the main buyer.
China would be “the only country that will have a higher consumption than in 2019,” the Commission added.
The rise of the red metal was generated by the asian optimism thanks to the publication of Caixin’s PMI yesterday.
Although “not everything is good” from the Asian continent, commented Francisco Román, market analyst at XTB Latam, “since the Chinese newspaper Daily, which has state support, said that it considered Washington’s decision to limit visas at least worrying. of Chinese Communist Party members and their families, and the ban on cotton imports from Xinjiang.
Even if the incoming administration has any intention of easing the tensions that have been and continue to be sown, “some damage is simply irreparable, as the current president of the United States claims,” added the expert.
“These sayings bring back to the fore the political tension that exists between world powers, which it will certainly have the market’s attention “, said Roman.
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