Copper falls amid macroeconomic risks

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Copper falls amid macroeconomic risks

October 16, 2018 - 16:00
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Copper price falls amid pessimistic data on inflation of manufacturers in China, as well as growing worries about global growth, trade war and US interest rates, Reuetsr reports.

Photo © Gerd Altmann, CC0 1.0

Copper price falls amid pessimistic data on inflation of manufacturers in China, as well as growing worries about global growth, trade war and US interest rates, Reuetsr reports.

Chinese stocks declined after data showed that inflation at gates of factories of the largest copper consumer in the world has been slowing down three months in a row.

So far there are no events that could support prices, experts think. Prices might start growing when macroeconomics risks disappear.

LME copper price fell by 1,4% today to $6213 per ton, which is 14% from peak value in June.

The largest miner in the world, BHP, raised its stake in promising copper-gold project Cascabel in Ecuador.

Polish government is working on tax ammendment that might result in tax deduction up to 5% on some minerals.

Aluminum price fell by 0,2% to $2024 per ton. Zinc lost 0,1% to $2597 per ton, and nickel is down 1,1% to $12480.