Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Copper rose to the highest since April


August, 01 2023
watermark Economic news

The price of copper jumped sharply, updating a three-month high, due to concerns about supply cuts. 


The price of copper on the London Metal Exchange (LME) soared by 2% to $8831.5 per ton, which was the highest since April this year. In July, copper rose by about 6%.


The main growth factor was the news that the Chilean mining company Codelco, the world's leading copper producer, lowered its annual forecasts for metal production by 70 thousand tons – to 1.31-1.35 million tons. The company also reported a 14% reduction in production in the first half of the year. In 2022, the company cut copper production by 7%.


Nevertheless, analysts are positive about the prospects for copper demand in China and the United States, two key economies in the world.


Aluminum is also growing: the price of the metal increased by 2.7%. Zinc also rose by 2.7%, while nickel prices remained virtually unchanged.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.