The Price of Metals Plummets
The price of copper is heading towards its worst weekly loss in almost two years. At the same time, the price of iron ore continues to plummet towards $100 per ton, after a leadership meeting in China failed to determine more stimuli to support metal demand, according to Bloomberg.
Copper futures are down almost 5% in London this week amid concerns about a global economic slowdown. This decline in metal prices raises concerns about the overall health of the commodities market and the impact on industries that rely on these metals for production.
Commodities market update
A widespread sell-off hit the metal markets, affecting aluminum, tin, and nickel. On Friday, the metals group was pulled down by a retreat from risky assets and a stronger US dollar. In Singapore, iron ore futures fell below $104 per ton.
Impact on Copper
Copper, used in pipes, cables, and batteries, retreated from its record high in May due to concerns about demand strength in China. Economic growth in China has been the slowest in five quarters from May to June. The results of the Third Plenum are awaited with anticipation.
Chinese Communist Party’s Impact on Real Estate Market
This week, leaders of the Communist Party in Beijing have shown little signs of important decisions regarding stimulating demand or addressing the prolonged downturn in the real estate market.
The price of copper is heading towards its worst week since 2022. Image: Bloomberg
“The lack of significant policy changes in China has weighed on sentiments,” analysts at ANZ Group Holdings said. “Investors were disappointed that there wasn’t a greater emphasis on addressing the structural issues in the economy.”
Global Copper Reserves on the Rise
In recent months, global copper reserves have been on the rise, signaling a decrease in demand. Stocks tracked by the London Metal Exchange have more than doubled since mid-May, reaching their highest value since September 2021, with most of the accumulation observed in Asian warehouses.
Trading Trends in Shanghai
At 11:00 local time in Shanghai, copper was trading steadily.
Commodity Prices Update
The price of aluminum has reached a level of $9400 per ton, after experiencing decreases in the first four days of the week. Aluminum has decreased by around 4% this week, while lead has fallen by over 6%.
Iron Ore and Other Metals
The price of iron ore has decreased by 1.6% to $103.80 per ton in Singapore, representing a decline of almost 4% this week. In addition to forecasts for demand in China, the declines were also caused by reports of increased production from leading mining companies on a global scale.
Stay Informed
Every news is active, follow Investor.bg and on Google News for more updates on the commodity market.
Top 5 Destinations for Nature Lovers
For those who love to immerse themselves in the beauty of nature, there are countless destinations around the world waiting to be explored. Here are five breathtaking locations that every nature lover should add to their bucket list:
1. Patagonia, Argentina
Patagonia, located in southern Argentina, is a paradise for nature enthusiasts. From towering snow-capped mountains to crystal clear lakes, this region offers a diverse range of landscapes to explore. Visitors can hike through the stunning Torres del Paine National Park, go whale watching in the Valdes Peninsula, or simply relax and take in the breathtaking scenery.
2. Banff National Park, Canada
Canada’s first national park, Banff National Park, is a must-visit destination for nature lovers. Home to turquoise glacier-fed lakes, rugged mountain peaks, and an abundance of wildlife, this park offers endless opportunities for outdoor adventures. Visitors can hike along scenic trails, paddle on pristine lakes, or soak in the relaxing hot springs.
3. The Amazon Rainforest, Brazil
The Amazon Rainforest is the largest tropical rainforest in the world and is home to an incredible array of plant and animal species. For nature lovers, exploring the Amazon is a once-in-a-lifetime experience. Visitors can take guided tours through the dense jungle, spot exotic wildlife like sloths and macaws, and learn about the importance of preserving this unique ecosystem.
4. The Great Barrier Reef, Australia
The Great Barrier Reef is the world’s largest coral reef system and is a UNESCO World Heritage site. Nature lovers can explore this underwater paradise by snorkeling or diving among colorful coral reefs and a dazzling array of marine life. From vibrant fish to majestic sea turtles, the Great Barrier Reef offers a truly unforgettable experience for those who love the ocean.
5. Yosemite National Park, USA
Yosemite National Park, located in California, is a mecca for nature lovers with its iconic granite cliffs, towering waterfalls, and ancient sequoia trees. Visitors can hike to the top of Half Dome, marvel at the beauty of Yosemite Falls, or simply relax and enjoy the peaceful surroundings. With its breathtaking natural beauty, Yosemite is a must-see destination for anyone who appreciates the wonders of the great outdoors.