Moscow. November 23. The copper price fell on Monday below $4500 per ton for the first time since may 2009, Bloomberg reported.
Prices for Nickel and zinc also fall due to growing fears of reduction of demand for metals in China, amid the shift of the engine of economic recovery from investment in the industrial sector to consumer spending.
Copper in Shanghai is trading at $4468 per tonne during the session, the price fell by 3% to $4444 per ton.
The cost of Nickel declined in the course of trading on 5.7 percent to $8235 per tonne, zinc – 4.3%. Later the prices of metals reduced the drop to 4.6% and 2.7% respectively. On Friday, the metals rose on information that the Chinese company intends to cut production next year.
“The demand for raw materials is a key factor determining the dynamics of the markets, while data on plans to cut production, Chinese companies are uncertain,” notes analyst at Argonaut Securities in Hong Kong Helen Lau.
According to consulting company SMM Information & Technology Co., Chinese companies, which accounted for over 40% of world production of zinc, plans to cut production by 500 thousand tons in 2016 and require the authorities to tighten control over the emergence of new capacities in this area.
Negative impact on commodity markets on Monday and has the U.S. dollar strengthening relative to Euro and other world currencies. EUR/USD traded at $1,0619 against $1,0646 on the results of the previous session.