Bottling of anode copper at a carousel-type bottling complex. File photoMOSCOW, Jul 6 Copper price on Wednesday morning drops to the lowest level since November 2020 on the back of a notable rise in the dollar against world currencies, as well as continued fears around demand due to coronavirus risks in China, according to trading data. As of 8.16 Moscow time, September copper futures on the Comex stock exchange fell 1.9% to $3.363 per pound (about 0.45 kilograms). Earlier in the day, it dropped to $3.347, the lowest since November 26, 2020.Media: Iran reduces the price of oil to compete with Russia in ChinaAt the London Metal Exchange (LME), following the results of previous trading, the cost of a ton of copper with delivery in three months decreased by 4.2%, to $ 7,670, aluminum — by 2.92% , up to 2392 dollars, zinc — by 4.04%, up to 2992 dollars. On Tuesday, the markets were swept by a wave of volatility and supported the dollar, which put pressure on quotations of commodities. The euro exchange rate against the dollar a day earlier fell below $1.03 per euro, the dollar index (the rate against a basket of currencies of six countries — US trading partners) — rose above 106 points, which happened for the first time since December 2002. On Tuesday, copper fell 1.8%.
Gas prices in Europe for the first time since the beginning of March, the Norwegian Equinor announced the suspension of production at a number of fields due to strikes. After such an announcement, and also because of the schedule for stopping the Nord Stream for planned preventive work, fears around the European economy increased sharply, which kept the euro against the dollar. The demand factor also affects quotes. The situation with coronavirus in China, the largest consumer of copper, remains in the attention of the markets. New outbreaks in the country pose risks of tightening lockdowns, which could affect the Chinese economy and demand outlook. three-month high
