Weekly news summary for December 18 to 22, 2020
Friday, Dec. 18, 2020: Copper Posts Highest Level Since January 2013
Copper posted its highest in nearly eight years on Friday, as the spread of electric vehicles (EVs) helped raise the demand for the metal, considering every car made needs four times as much copper as the one with an internal combustion engine.
Copper futures rose above $8,000 a ton in London overnight for the first time since January 2013, mainly supported by a bet on large investment in renewable energy technologies, from electric cars to offshore wind farms.
Monday, Dec. 21, 2020: UK Isolated After Identifying New COVID-19 Strain
British Prime Minister Boris Johnson announced on Monday that a new COVID-19 strain that is more infectious than the initial strain has been found in the UK.
The news prompted several countries to ban travels and close their borders, with France shutting its border to people and trucks arriving from Britain, blocking one of the most crucial trade routes with mainland Europe.
Tuesday, Dec. 22, 2020: Oil Drops Nearly 2% on Demand Recovery Fears
Oil prices fell close to 2% on Tuesday, increasing losses incurred from the previous session, as the new COVID-19 strain in the UK renewed worries over fuel demand recovery.
Brent crude futures were down 1.4% to $50.16 per barrel, having lost 1.7% earlier, while the US West Texas Intermediate crude futures slipped 1.6% to $47.18 per barrel after dropping 1.9% earlier in the session.
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