Copper closed with a 5.86% increase on the London Metal Exchange

The pound of the metal was quoted at 4.78 dollars, which corresponds to the second highest price ever recorded.

This Friday, October 15, the price of copper closed with an important increase -of 5.86%- on the London Metal Exchange, reaching 4 dollars and 78 cents per pound.

With this rise, the raw material reached the second highest price ever recorded, after the 4.86 dollars at which it was quoted last May.

This year, according to data from the Chilean Copper Commission (Cochilco), the average value of copper has been 4.17 dollars per pound.

According to Plusmining economist Juan Carlos Guajardo, “some factors have been occurring that are pushing the price up”, and among them, “the most important has to do with difficulties in the energy matrix, which are affecting production in some places, and also the logistical problems that are making transportation and the availability of copper and other commodities difficult”.

“In addition, with very low inventories, there is nervousness about the possible shortage of minerals, which causes prices to rise,” he added.

For his part, the research manager of the Chilean Mining Society, Álvaro Merino, stated that “the energy crisis that is affecting China, precisely the energy shortage and the increase in its cost, is generating uncertainty regarding the future supply of the metal in the world’s main metals consumer”.

“In addition, inventories on the stock exchange in the last 15 days have decreased by 40 thousand tons, this is 13 percent less compared to the close of last September. However, I would say that caution should be exercised,” said the expert.

Meanwhile, for a few minutes during the morning, the dollar reached 830 pesos, but after midday, the currency closed at 823 pesos.

Source: Radio Cooperativa