NEWS & EVENTS

Metal market news on 1/4: Metal market recovered slightly after many severe dropping sessions

02/04/2020
According to the Vietnam Commodity Exchange, the metal market recovered slightly in the last trading session of March. Copper prices rose the most due to better-than-expected production data from Chinese factories.
Silver
- Silver price increased slightly by 0.17%, contrary to the strong downtrend of gold price (2.8%).

- End of the session 31/3 - the last session of the first quarter, US stocks traded negatively, when investors closed three months of historical volatility in the face of the COVID-19 pandemic.
- Specifically, the Dow Jones industrial average index closed lower than 410.32 points, equivalent to 1.8%, at 21,917.16 points. S&P 500 lost 1.6% to 2,584.59 points. The Nasdaq Composite dropped nearly 1% and ended the session with 7,700.1 points. Sometimes during the session, the Dow Jones increased by 152 points.

- Market sentiment has turned from panic to gloom after US President Donald Trump extended the closure of most businesses and schools and retail establishments for another 30 days, which is until April 30.

- Meanwhile, the Central Bank of China decided to continue cutting short-term lending interest rates and injecting US $ 7 billion into the financial system to support the recovery of the economy.

Copper
- Copper price on COMEX increased sharply by 3.36%, following the increase on Shanghai trading floor (1.81%).

- Copper prices rose in the last trading session in March due to better-than-expected production data for Chinese factories. However, for the whole first quarter, the sharpest decline since 2011 due to the corona virus spread everywhere caused factories around the globe to close or produce in moderation, reducing demand for metals.

 
- At the end of the last session, the 3 month period on London increased by 3.5% to 4,935.5 USD / ton, the highest since March 18. For the whole first quarter, the price is about 20% lower. Other industrial metals also dropped by 10-20% in the same quarter.

Iron ore
- The price of iron ore on SGX floor increased by 1.2%, following the increase on Dalian trading floor (0.7%).

- The price of iron ore on the Chinese market increased in the last session because of the prospect of increasing demand after China expanded economic stimulus programs, causing the operation of factories in the country to recover quickly.

- Ore inventories at seaports of this country fell for the second week in a row, to 121.25 million tons on March 27, the lowest in eight months.

- However, steel prices tend to fall during the first quarter of 2020. Specifically, rebar on the Shanghai floor fell 4% in the past quarter, hot rolled steel fell 8.9%. Last session in March, rebar prices fell 0.1% to 3,252 yuan / ton, while hot rolled steel fell 0.1% to 3,252 yuan / ton.

Older articles

Sign up to download the profile

Complete your information in the form below

You did not use the site, Click here to remain logged. Timeout: 60 second