Complete the fields below so that an Ágora specialist can contact you and learn more about the more than 800 product options available.

Thank you for your registration ! You will be contacted!

Copper futures closed weakly in a volatile session as risk appetite picked up overseas. Investors are weighing cooling turmoil in the banking systems of the United States and Europe, in addition to the monetary decision of the European Central Bank (ECB), which raised interest rates by 50 basis points, as foreseen.

On Comex, the metals division of the New York Mercantile Exchange (Nymex), copper, scheduled for delivery in May, rose 0.56% to 3.8645 dollars a pound. On the London Metal Exchange (LME), a ton of metal for three months fell 0.50% around 2:40 p.m. (Brasília time), to $8,529.00.

Copper trading benefited from the resumption of risk appetite overseas, which put pressure on the dollar and boosted commodities and risk assets. Late yesterday afternoon, the Swiss Central Bank (SNB) announced that it would offer support to Credit Suisse if needed, which eased some of the concerns about the bank. Today, the ECB raised interest rates as expected, despite turmoil in the banking system on both sides of the Atlantic. ECB President Christine Lagarde stressed that leaders are determined to tackle inflation in the bloc and assured that they would offer support to the European banking system if needed.

For Capital Economics, concerns about the health of global banking systems add downside risks to commodity prices in the coming weeks. For the consultancy, this risk can materialize in two ways: central banks can push the tightening of financial conditions even further, leading to a weakening of economic growth and demand; or this adverse scenario could worsen and generate a “worse global banking crisis”. Capital also recalls that over the past two weeks, commodity negotiations have also dealt with concerns about higher interest rates for longer and a negative effect on demand.

Today Minto Metals revealed it will not be able to ship its copper exports through Alaska for two years. According to the Canadian mining company, the company and the local government could not reach an agreement after the town of Skagway decided to concentrate its port activities solely for cruises and tourist ships. Minto Metals has announced that it is looking for other places to export its copper shipments, including the port of Stweard in British Columbia, and should finalize negotiations by the summer.

Among other metals traded on the LME under the same timeframe, at the aforementioned time, a tonne of aluminum fell 0.24% to US$2,276.00; lead fell 0.07% to $2,066.50; that of nickel rose 2.58% to US$23,470.00; tin rose 0.34% to US$22,260; and zinc fell 0.54% to $2,861.50.

*With information from Dow Jones Newswires