The price of copper was one of the largest losers among basic metals since April 2, starting the week with a fall of more than 15%, says CommerzBank raw material analyst, Barbara Lambrecht.
The price of copper falls more than 15% since April 2
“However, he was able to recover part of yesterday’s losses in yesterday’s trade. Ultimately, the price fell 10% at the end of the day. The fact that the market was overheated, particularly in Comex, due to tariff fears, probably contributed to the greatest fall.”
“According to initial reports, the atmosphere in Cesco, the largest meeting of the copper industry that is currently being held in Chile, seems to be divided: the Chilean Cochilco Copper Commission, for example, expressed a fairly cautious opinion and believes that the price peak has probably passed this year. The commercial war between the US and China, in particular, would be an important burden.”
“Meanwhile, Chile’s state producer was more optimistic before the meeting and emphasized the good long -term demand prospects in the market. The largest copper producer in the world also reported a slight increase in production for the first quarter compared to the previous year, despite temporary deficits. The company is aimed consecutive increase in production. “
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
