The red metal is carried by hopes “that a stimulus plan can still be adopted in the near future in the United States,” said Daniel Briesemann of Commerzbank.
Copper prices have remained stable this week, managing to stay still close to the 6,877.50 dollars per tonne reached on September 21, a high for more than two years.
The red metal is carried by hopes “that a stimulus plan can still be adopted in the near future in the United States,” said Daniel Briesemann, analyst at Commerzbank.
Asked Thursday on the Fox Business channel, US President Donald Trump said he was ready to make a move to unblock, before the presidential election on November 3, negotiations on a new plan to support the US economy.
The “disruptions in mining production in Chile”, the world’s largest copper producer, have also played a role in the good health of metal prices, added Mr. Briesemann, as did the good figures for Chinese imports last month published on Tuesday by Customs.
On the London Metal Exchange (LME), a tonne of copper for delivery in three months traded at $ 6,747.50 on Friday around 3:45 p.m. GMT (5:45 p.m. in Paris), against $ 6,793.00 the previous Friday at the end of the session.
Gold has moved without a clear direction this week, torn between the evolution of the COVID-19 pandemic and the weakening dollar, and has ultimately lost some of its luster.
Gold “had another turbulent week,” Lukman Otunuga, FXTM analyst told AFP.
On the one hand, the second wave of COVID-19 materializing in Europe is pushing the yellow metal upwards in its quality of safe haven.
On the other hand, the rise of the dollar against a basket of currencies – in the order of 0.7% over the week – made gold less attractive to investors using other currencies.
It was ultimately this second force that took over the week. Gold is however moving close to its historic high reached in early August at nearly $ 2,100 per ounce.
On the London Bullion Market, an ounce of gold was worth $ 1,899.60 Friday around 3:45 p.m. GMT (5:45 p.m. in Paris), against $ 1,930.40 the previous Friday at the close.
The cocoa sinks
Cocoa prices have suffered particularly this week, in a market still concerned about the level of demand while the harvest which has started in the main producing countries of West Africa looks favorable.
“Concerns about demand are still important” in two important markets of Europe and the United States, explained Jack Scoville, analyst for Price Group.
While on the supply side, “very strong production is expected” after the harvest which has started in the main production region, added the analyst.
Earlier this month, Ivorian President Alassane Ouattara had announced a sharp increase in the price of cocoa paid to planters in Côte d’Ivoire.
But the two main producers, Ghana and the Ivory Coast, are still unable to influence the prices of “brown gold”, although they together represent nearly two-thirds of world cocoa.
Observers and players in this market are also very attentive to the political situation in Côte d’Ivoire, the country being the scene of strong tensions since President Alassane Ouattara’s decision to run for a third term in the presidential election on 31 December. October, which the opposition threatens to boycott.
In London, a tonne of cocoa for delivery in March 2021 was worth 1,640 pounds sterling at around 3:45 p.m. GMT (5:45 p.m. in Paris), against 1,675 pounds sterling the previous Friday at the close. In New York, a tonne for delivery in December of this year was at the same time worth $ 2,359, compared to $ 2,432 seven days earlier.