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Raw material prices rise amid confidence boost

24.11.2020 - 13:28
Mynd með færslu
 Mynd: Guðmundur Bergkvist - RÚV
An increasing number of economists believe the pandemic crisis has passed its peak and that increasing raw material prices in the world are a sign of increased optimism in the light of positive news from companies developing vaccines.

Morgunblaðið quotes Brynjólfur Stefánsson from Iceland Funds as saying the increased demand for aluminium is largely down to China and other countries in East Asia being further along the road to recovery than Europe and North America.

Recent price increases are good news for aluminium producers, though conditions remain tough due to increased supply—especially from Chinese smelters. 

Brynjólfur predicts oil prices will rise, but not by much. 

Jón Bjarki Bentsson, the chief economist at Íslandsbanki, agrees, telling Morgunblaðið there definitely appears to be a link between rising prices and news from vaccine developers. 

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