Copper price breaks record

Photo of author

By admin

Copper prices climb on Monday, breaking a record since 2011. This is evidenced by data from a number of trading floors on April 26.

As of 7:58 Moscow time, the price of the July futures for this metal on the Comex exchange is growing by 0.94%, to $ 4.3842 per pound (about 0.45 kg). Earlier in the day, the figure reached $ 4.3943, the highest price since early August 2011.

At the London Metal Exchange LME, the cost of a ton of copper with delivery in three months following the results of trading on April 23 increased by 1.6%, to $ 9551.5, aluminum – by 0.06%, to $ 2364.5, zinc – by 1.05% , up to $ 2852 per ton.

The price of copper is growing on expectations of an increase in demand for the metal in the light of the prospects for increasing green investments. At the International Online Climate Change Summit on April 22, Russian President Vladimir Putin said that the Russian Federation is interested in intensifying international efforts in the field of climate. He said that over the past 30 years, the country has cut greenhouse gas emissions by half – from 3.1 billion tons of carbon dioxide equivalent to 1.6 billion tons.Over the next 30 years, the accumulated volume of net greenhouse gas emissions in Russia should be less than in the European Union, the Russian leader emphasized.

Putin’s calls inspired his American counterpart Joe Biden, and he expressed a desire to work with Moscow in this direction.

In addition, the weakening dollar and concerns about supplies from Chile affect the prices of metals. The country’s port workers are on strike to demand compliance with the contingency plan previously presented by President Sebastian Piñera, La Izquierda Diario reported. Last Wednesday, Piñera appealed to the Chilean Constitutional Court with a demand to prevent citizens from withdrawing 10% of money from their pension savings from this plan for the third time in connection with the “catastrophic economic situation” in the country.

The workers’ demands include raising the minimum wage to $ 700, freezing prices for food and essential goods.