Friday , August 19 2022

Copper picking does not stop, but the Government refuses to adjust estimates to the average value of Economy


New hike Copper scored Friday London Metal Exchange, this time of 1.53% quotes 2 dollars with 94 cents The bunt, mainly, due to the approaches between the United States and China.

Meanwhile, and despite the good price, disregard the government and modify its estimates of the average value this year.

Industrial metal builds up of almost 5% during this week, according to the Chile Copper Commission report (Cochilco).

And above, as a result the market is waiting for a final agreement United States and China in the commercial war and investors are optimistic.

But that is not the only factor, says analyst of the Latvian XTB Diego Mora, who estimates that the red metal will continue to rise even more.

"The next technical objective the dollar has the 3.05 dollars per pound (…) if one copies the copper analysis in a technical way, we could have an appreciation in the next 6 months of & # 39 ; r 3.3 dollars and pounds"Said the expert.

The price and copper the Government receives with "happiness", as indicated by the Minister of Mining, Baldo Prokurica, who emphasized that the price was associated with speculation about the tariff war between the two powers, an agreement that said it was close.

However, he noted that the government It does not change your estimates For the average price, they estimate are three dollars with five cents.

"The price of the copper is not what is reflected in supply and demand, but the effects of the trade war between the United States and China (…) Reduced have sustained its projection," says Secretary of State.

Today's value is the best price of the red metal since July 3, 2018 and it is estimated that the increase will continue, at least, in the coming months.

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