PRICES OF BASE METALS DOWN DUE TO DEMAND CONCERNS AND INCREASE IN SUPPLY – COMMERZBANK
Base metal prices fell significantly across the board last week and are now all trading at multi-month lows, Commarzbank’s commodity strategist Carsten Fritsch notes.
Base metals slide lower
“The index of the London Metal Exchange (LMEX), which weights the six non-ferrous metals traded on the LME according to production and trading volumes over the last five years, fell by 5.6% week-on-week and slipped below the 4,000 point mark for the first time since the beginning of April.”
“Copper recorded its biggest weekly decline in almost two years at 5.7% and ended the week at around $9,300 per ton, its lowest level in 3½ months. The price decline continued yesterday. At the beginning of the month, the Сopper price was still close to the $10,000 per ton mark.”
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