Egypt's industries could take a hit after metal price hike
The price of copper fell by $137, recording $8,156 per tonne on 25 September, compared to $8,293 last week. Aluminium prices followed suit, falling to $2,059 per tonne after standing at $2,162 on 18 September, MIC reported.
Zinc and lead prices saw fewer losses; the price of Zinc dropped by $8 per tonne while lead dropped by only $1 on 25 September.
“Metal prices across nations depend heavily on the state of the stock market. Due to the state of recession currently crippling the economy, most investors have focused on profit-taking of metal shares,” said member of the Chamber for Building Materials Mohamed Hanafy.
He added that euro zone woes, debts of Greece, Italy, and Spain, in addition to stock market shares are playing a major role in determining the prices of metals. “We don’t have enough metal mines in Egypt, we mainly depend on imports,” said Hanafy.
Hanafy said that the dip of metal materials might affect the prices of metal industries slightly, but not in any major way, as metal prices remain unfixed, which drives both customers and sellers to remain alert.