Copper prices stabilize after the previous day’s rise

The price of copper on Tuesday morning almost does not change after rising by 1% a day earlier, follows from the trading data. At the same time, according to the results of February, the cost of industrial metal may show a decrease after three months of growth.

As of 8:00 Moscow time, May futures for copper on the Comex stock exchange rose by 0.07% to $4.0115 per pound (about 0.45 kilograms).

At the London Metal Exchange (LME), following the results of trading on Monday, the cost of a ton of copper with delivery in three months increased by 0.98%, to $8,802, aluminum – by 1.18%, to $2,363, zinc – by 0.83 %, up to $2,988.5.

On Monday, the price of copper jumped by 1%, while since the beginning of the month the price of industrial metal could show a decrease of 5.1%. Prior to this, copper has risen strongly in price for three months in a row – by 10.9% in January, 1.9% in December and 10.8% in November.

Demand prospects remain one of the main drivers for copper. World traders are evaluating the future plans of the US Federal Reserve System (FRS) at the rate: the new expected increase increases the risks of a recession that could hit demand. At the same time, demand forecasts from China, the world’s main consumer of copper, which eased coronavirus quarantine restrictions in January, remain a supporting factor.