Copper prices on the London LME are falling from their highest levels in more than 2 years. This is a reaction to the recorded very high number of Covid-19 cases in key world economies, which worsens the prospects for global recovery. Copper in 3-month contracts is valued 0.5% lower - at $ 6,901.50 per tonne, the brokers inform.
At Comex in New York, copper loses little - 0.02% up to $ 3.1450 per pound.
The soaring number of new Covid-19 cases in major economies has raised investor concerns about global economic growth, even after drug makers have made progress in developing a vaccine for Covid-19.
On Monday, the American pharmaceutical company Pfizer announced that the vaccine against Covid-19 it is examining has over 90% effectiveness. The vaccine is developed in cooperation with the German biotechnology company BioNTech SE.
On Wednesday, Russian vaccine makers reported that their vaccine shows 92% effectiveness.
In turn, the company Moderna Inc. reported that her vaccine trials had achieved a key goal of its effectiveness.
Meanwhile, the coronavirus pandemic continues - the UK has seen an unprecedented rise in coronavirus infections despite tightened lockdowns. Record hospitalization rates for Covid-19 patients are recorded in France.
Leading central bankers around the world, including Fed Chairman Jerome Powell, ECB President Christine Lagarde and Bank of England Chairman Andrew Bailey, warn that the prospect of a Covid-19 vaccine will not be enough to put an end to the economic challenges facing countries around the world.
At the end of the previous session, the copper price on the LME increased by USD 49 to USD 6,934.00 per ton. (PAP Biznes)