Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of MRW, please enable cookies in your browser

We'll assume we have your consent to use cookies, so you won't need to log in each time you visit our site.
Learn more

Copper prices drop as investors look to gold

Copper has dropped in price on the London Metal Exchange (LME), pushing down the scrap price with it as investors look for something more secure, following the European Central Bank’s indications that it might raise Euro interest rates next month.

Unrest in oil-producing Libya and the Middle-East keeps pushing up oil prices as supplies are squeezed. This has meant that copper dipped on the LME from $9,918 last week to $9,540 this week. MRW copper scrap prices have fallen by £50 a tonne, trading at £5,250-£5,450 a tonne.

However, industry experts believe the move away from investment in copper has led to a rise in gold prices as investors push prices to record highs. MRW has seen gold rise from £26.21 last week for fine gold to £26.80 this week.

It is felt that this volatility in the markets will continue until industry understands what impact the high and sustained oil price will have on markets.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.