- Following on from last Mondays 18% overnight jump in the iron ore price, we can report that Iron Ore has since fallen back 10%, but unfortunately the AUD/USD exchange rate hasn’t. Last night the AUD/USD hit an 8 month high overnight at 75.94 although it has since dropped back to its current level at 75.06. In today’s Australian a number of prominent economists have forecast the exchange rate to fall back to below 70 cents within months, fingers crossed.
The LME metals have been steady with Copper trading within USD10 a tonne from last week’s price, and Aluminium and Lead have had falls around 5%
Global copper market in balance, group says Houston, 11 March (Argus) — The global copper market is forecast to remain “essentially balanced” in 2016-2017, reflecting weakening economic growth and project curtailments, the International Copper Study Group said in its latest forecast.
Global apparent refined usage in 2016 is forecast to remain “essentially flat” as apparent demand in China is seen rising by 0.5pc and usage in the rest of the world is forecast to be “practically unchanged.”
Refined copper production is forecast to grow by 0.5pc to 22.9mn t this year, while refined usage is forecast to grow by 0.5pc to 23mn t.
The latest forecast encompasses downward revisions to October forecasts for both production and usage because of the weaker global economic outlook, project delays and price-related production cuts.