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Find all the economic and financial information on our Orishas Direct application to download on Play StoreAt the start of the week, copper Londonian a
retreated. For its part, aluminium increased its losses for a third session
As a result, the weakness of trade, due to public holidays in China, weighed heavily
on prices.
The Shanghai Futures Exchange is
closed for the Lunar New Year holidays which started on February 15 and
Exchanges will resume on February 24.
The three-month copper reference price on
London Metal Exchange fell 0.5% to $12,810.0 per ton at 04:00
49 GMT, after reaching its lowest level in a week on Friday.
LME copper could re-test a
Support at $12,578 per metric ton this week, a break in
below this level could trigger a fall in the range of
$11,545 to $12,116, the technical analyst at
Reuters, Wang Tao
Copper stocks on the three largest
The world's metal exchanges exceeded one million metric tons for the
for the first time in over twenty years, the build-up of stocks due to
weakness in demand in China in addition to the recent stockpilings carried out at
United States.
LME copper stocks were up 7%
225 metric tons on Friday.
Among other metals, aluminum has slightly
fell by 0.4% to $3,065.0, after reaching its highest point on Friday
low level in one week following a report according to which the president
American Donald Trump was considering reducing some tariffs on
steel and aluminum products.
LME aluminum could re-test a
Support at $3,000 per metric ton this week; a breakout
below could pave the way to $2,916, Tao added.
LME nickel lost 0.5% to settle at
$16,905/ton, its lowest level in over a week.
Nickel stocks on the stock exchange also have increased by 702 tons.
Zinc fell by 0.5% and lead by 0.10%.
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