Buyer continues with the profits with the expectation that the price will reach the highest level

Copper continued its profits for the fifth day, after Goldman Sachs revealed its expectations that prices would reach the highest level in August at around $ 10050 per tonne, with the scarcity of supplies outside the United States. Copper traders have great pressure on the London Metal Stock Exchange to the high price allowance for immediate contracts. The scarcity of supplies comes due to the record level of the shipping directed to the United States, after proposals to set up customs duties to high prices there, draining the shares of other countries. “There is a scarcity in the portfolio of the copper market outside the United States, which raised the fear of the lack of local copper supplies, despite the surplus offer in the world market in the current period.” The decline in stocks increases copper prices and has added that prices are expected to continue to rise due to the fall in shares outside the United States due to customs duties, as well as relatively morale and activity in China, and the imposition of a $ 25% of customs tariff could lead to about $ 9700 per tonne in September. The price differences of copper contracts on the London Metal Stock Exchange have dropped this week to reduce buyers pressure after the high prices of immediate contracts in recent days. The price of copper rose 0.4%to 9749 dollars per ton on the London metal stock exchange at 10:17 a.m. in Shanghai, and the prices of most industrial minerals rose, the nickel rose 0.8%and aluminum 0.2%. On the other hand, the price of iron ore in Singapore fell 0.2% to 92.55 dollars per ton, and the contracts dropped on the Dalian stock exchange, as well as the future steel contracts in Shanghai.