The cost of non-ferrous metals crossed a record low
Not long ago, the National Bank of China devalued the yuan. As a result, the price of non-ferrous metals in the world has dropped to a record low. According to the agency Bloomberg copper cost close to 5178 USD / ton. Over the last six years this figure is observed for the first time. The fall of the price of almost 2.5%. Cost reduction has affected, and other non-ferrous metals. Falling cost of basic non-ferrous metals on the LME most notably, exceeding 1.9% for each of them. This fall, apparently, will continue.
Decreased and the price of zinc, reaching a record high. To date, the price dropped by 2.4% relative to the value of the yuan devaluation. The last time such a low level was recorded in July of 2013. This decrease in the cost of zinc does not stop. At 3.6% reduced the cost of tin. Moreover, not only decreases the value metals. The price fell for the supply contracts and production of non-ferrous metals. If, for example, consider aluminum, the 3hmesyachnye contracts fell by 2.8% on average. Since 2009, the first license for the supply and production of this metal reaches 1573,5 USD / ton.
August 10 copper futures fell in price by 0.6% in New York, amounting to 2,32 USD / pound. futures price mix «Brent» for September fell by 0.74% to a mark of 48,25 USD / barrel. The cost of oil futures «WTI» decreased by 0,68% to 43,57 USD / barrel in September. The cost of copper on the London Stock Exchange with a 3-month delivery fell 0.23% to the level of 5173 USD / ton. The price of zinc showed a drop by 0.32% to 1861 USD / ton. The cost of aluminum has decreased by 0.22% and amounted to 1589 USD / ton.
As already mentioned, the cost of hydrocarbons and metals influenced by Chinese statistics. In July, reducing the trade surplus of China has reached 43 billion. USD. In the June figures reached 46.5 billion. USD. The result did not meet analysts' expectations. According to preliminary data rate should be 53.3 billion. USD. The volume of China's exports fell by 8.3% in annual terms. Analysts had speculated that the fall will be only 1%. The volume of imports fell in July by 8.1%, while the drop is expected to reach 8%. Decreased and the index of industrial prices in the PRC. In July the figure reached 5.4% in annual terms. Forecasts of the experts expected a decline of 5%. In June reduction reached 4.8%.