According to trading, the December copper futures on the Comex rose in price to 2.42 per pound amid reports on the reduction of supply in the market of metals.
MOSCOW, 12 Oct. Copper prices increased on Monday amid reports on the reduction of supply in the market of metals, according to AFP.
As of December 17.51 GMT copper futures on the Comex rose in price on 0,25% — to 2.42 per pound (about 0.45 kilograms).
By the end of trading Friday the price of a ton of copper on the London metal exchange (LME) for delivery in three months has grown on 3,12% — to $ 5295 per ton. The price of a ton of aluminum increased by 3,33%, to 1613 dollar, zinc — 10,14%, to $ 1836.
On Monday, a Swiss commodities trader Glencore announced that it was negotiating the sale of two copper mines in Australia and Chile in the framework of the program to reduce costs. Previously, Glencore also announced a reduction in copper production, which amounted to 1.8% of the world production of copper in 2014.
“All signals the growth for this reason”, — quotes The Wall Street Journal to the words of analysts at Morgan Stanley.