Updated on : 07-12-2020
At a time when business activity is slowing down due to the quarantine, the price of copper, Mongolia's main export product, is rising rapidly and is expected to continue to grow, giving us hope that the economic crisis will be overcome in the short term . Fluctuations in world copper prices and supply and demand conditions are among the factors that directly affect the Mongolian economy.
The latest favorable news to announce that, on October 2 to $ 12 per tonne of copper prices in 7711 reached trading futures on the London Metal Exchange. That's up 60 percent from $ 4,600 in March during the coronavirus epidemic. Overall, the price exceeded 7,000, the highest level since June 2018 .
First of all, the American company Moderna, Pfizer , BioNTech, the British company AstraZeneca and the Russian NF Gamaleya Institute announced almost simultaneously that the Covid-19 vaccine was more than 90 percent effective in the third stage of clinical trials . related to the reported. As a result, from behind garuikhny following universal that include vaccination in the media copper prices increased continuously over the past week, the birth of market participants hope that the recovery of the world economy in turn.
At the beginning of the market's top 29 analyst forecasts proposals mother , in 2020, to reach 191 thousand tons of copper deficiency arising from the average price in 6050 $ / ton Year "2020 ze region was described as" a year, but epidemics broke out in the forecast period confused.
Chinese factories recover
In addition to vaccines, the reason for the rise in prices is a sharp rise in copper imports as Chinese factories, which consume half of the world's copper, resume operations . Copper traders are watching Caixin, China's main manufacturing index, closely to determine future demand. The index rose for the seventh straight month, from 53.6 in October to 54.9 in November, boosting copper prices. In early due to the pandemic Chinese enterprises generally better than expected, most analysts in recent months, was stopped a short time were able to resume operations .
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