CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :17 October 2019
Base Metals Preview: IMF Expects 6.2% Drop In Prices Next Year
According
to the latest update from IMF, global base metal prices declined slightly by 0.9%
between February 2019 and August 2019 as continued trade policy uncertainty and
fears of a global economic slowdown—especially in China—were only partially
offset by supply-driven price increases in iron ore and nickel. Iron ore prices
increased 6.7% between February 2019 and August 2019. Widespread
disruptions—including the Vale dam collapse in Brazil and tropical cyclone
Veronica in Australia— coupled with record-high steel output in China pushed
iron ore prices to five-year highs during the first half of 2019.
Base
metal prices suffered from a weaker global economy, however. Copper prices
declined 9.4% on global trade uncertainty despite recent production cuts in the
Republic of Congo, a labor dispute in Chuquicamata (Chile), and increasing
extraction costs in Indonesia's Grasberg mine. The price of aluminum fell by
6.6% because of overcapacity in China and weakening demand from the vehicle
market there. The price of zinc, which is used mainly to galvanize steel,
decreased 16% from February to August 2019 as steel demand prospects
deteriorated.
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