Copper follows oil prices,demand outlook will worsen further

Foreign exchange news on April 23, London Metal Exchange (LME) copper rose with oil prices on Thursday,

but analysts said that the rise is unlikely to continue, as data show that the economic deterioration caused by the coronavirus epidemic is

likely to further aggravate the poor demand outlook.

At 17:00 on April 23, London time (00:00 on April 24, Beijing time), LME three-month copper rose 29 US dollars,

or 0.57%, and the settlement price was US $5160.50 per ton.

Copper, used by investors to gauge the health of the economy, hit a five week high of $5248 a tonne on Monday,

but has fallen about 17 per cent since mid January.

“After the rise in oil prices, we see an opportunity for respite and an increase in risk appetite,” said Daniel briesemann,

an analyst at Commerzbank He added that there would be a surplus in the copper market this year.

Post time: Apr-28-2020

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