Although no forecasts about reduction of prices for non-ferrous metals copper production in Peru increased in July by 14%
Analysts of Barclays, one of the largest deposit bank in England, forecasting a negative saving in the non-ferrous metals price weakness. This is especially supported by the rising trend in the total reserves of copper on the London Metal Exchange warehouses. As indicated in the analysis of the bank note, management expects to preserve the stability of this trend, which is caused by a combination of negative factors of the neutral balance of exchange-traded products, as well as on the background of expectations of the general deterioration of the dominant conditions in the international market in the last quarter of this year. Additional problems are strengthening copper supply and the actual «appeasement» of growth in the Chinese market.
The bank predicts that the price of non-ferrous metals such as copper, will be before the end of the year to remain at the level of seven thousand dollars per ton, and will come to new lows directly into the end of the year. And this is despite the fact that both aluminum and copper, whose prices tend to decrease, at the moment are the most attractive and popular metals.
Bank experts have reported that there is information that stocks of copper at LME warehouses have tended to decrease in mid-June, and now reached a level much higher than one hundred thousand tons. But, unfortunately, in recent years there have been alarming treatment of this famous trend, which reported that in today's time there is a trend of increasing metal stocks at thirteen thousand tons.
Analysts at Barclays explain this situation the fact that the premium on the price of copper fell very close to the level of forty dollars per ton due to the closed list of transactions in August, imports of copper in China. At the same time, the supply of copper cathodes, which have been designed from the start for China, are becoming increasingly redirected to warehouses of the London Metal Exchange in such paragraphs as Malaysia Johor.
Despite such exciting news, the Ministry of Energy and Mines in Peru reported a significant increase in copper production in the country.
Metallurgical Bulletin reported that in July this year, the annual copper production increased expression of almost fourteen percent in Peru, which was about one hundred twenty-five tons. The contribution of the largest Peruvian companies in the world reserves of copper was about forty-four thousand tons.