The price of copper fell this week by 2% with respect to the previous after closing Friday at 2.67 dollars due to the strengthening of the dollar and the perception of risk by some economic indicators from China, said the Chilean copper Commission (Coc hilco).
According to the State Agency, the publication of data of the International Monetary Fund (IMF) on the risk on the rise for China’s economic growth and the reduction of the rate of global expansion for 2019 and 2020 have reduced copper transactions.
The IMF maintains a growth forecast of 6.2% for both years for China but points out that if they persist trade tensions with the United States it could renege on these projections, said Cochilco.
In the United States, according to the IMF, GDP growth will continue overcoming the potential long-term trend and also a solid consumption growth will induce to a relevant increase in imports.
Stored in bags of metal inventories recorded an increase of 26.585 metric tons on last Friday, an increase of 8.2%.
So far year 2019, inventories accumulate a fall of 0.3% with respect to the closing of the year 2018, said the Chilean copper Commission.
