While, the price of the red metal closed with a fall of 3.6% trading on the London Metal Exchange at $3.4135 per pound, its lowest level since November 27, 2020.
According to CNN Economics editor ChiliNicolás Paut, there would be more causes, such as the “fear of a global recession, especially if the United States enters a recession -which would impact the rest of the world-. As inflation is so high, the interest rate in the United States is going to rise, the Federal Reserve is going to do it, and that makes the dollar rise in price”.
“Also, the price of copper fell 3.82% today, yesterday it had already fallen 2.85%, in one month it has dropped almost 25%. That is brutal for the price of the dollar, because much less dollars come in for each pound of copper and that makes the price of the dollar go up,” he added.
In this regard, the Minister of Finance, Mario Marcel, called for “tranquility” and assured that the consequences of this rise are “limited.”
However, the Secretary of State explained the factors behind this escalation and assured that the direct impact will be reflected in the price of imported products. In addition, he took the opportunity to send a message to the Central Bank, the entity responsible for foreign exchange policy in the country and the one he directed just a few months ago.
Source: Ambito
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