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St. Petersburg International Economic Forum 2016

Metals' prices to decline next 1-2 months — Russian industry minister

The minister says current upward trend will change

ST. PETERSBURG, June 17. /TASS/. Metal prices are going to decline next month or two, Russian Industry and Trade Minister Denis Manturov told journalists on Friday on the sidelines of the St. Petersburg International Economic Forum (SPIEF 2016).

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Aluminum prices lowest in 15 years, premiums dropped 60% in one year — Rusal CEO

"Now the prices for metals have gone up again, but I think this is not long-term coming months. The next one or two will show a downward trend," he said.

Since mid-December 2015 the price of gold rose by 23%, silver rose in price by 27%, platinum - by 17%, aluminum - by 9%, copper - by 1.5%.

Growth of metal prices accelerated on investors' expectations after a later increase of the US Federal Reserve discount rate in 2016, was than previously expected. Against this backdrop the dollar fell, since the beginning of the year the dollar fell by 5%.

The US Federal Reserve System acting as the national central bank keeps the base interest rate at 0.25-0.5%.

The Federal Reserve increased the base interest rate by 0.25 percentage points to 0.25-0.5% in December 2015. The rate was within the range of 0-0.25% from December 2008 to December 2015.

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