Newspaper: Falling world copper prices to have adverse impacts on Armenian economy

Newspaper: Falling world copper prices to have adverse impacts on Armenian economy

YEREVAN, March 11. /ARKA/. The falling price for copper at world markets will drive Armenia's general economic indicators down, according to Haykakan Zhamanak (Armenian Time) newspaper.  

Copper at London Metal Exchange fell to $6,608 per tonne - the price at which copper sold in July 2010.

«Copper prices are very important for Armenia’s economy,» Haykakan Zhamanak reports. «The thing is that Armenia, for example in 2013, exported copper concentrate worth $280 million and copper ore and processing products worth $400 million, and this is 30% of our exports.»

The copper price falls at world markets will strike hard at Armenia's economy and will have stronger impacts on the country's financial market. 

When the copper price slips three percent the earning from exporting copper shrinks one percent. 

It is not known yet whether the copper price continues falling or this is a short-term phenomenon. Things will become clear soon. -0---

13:12 11.03.2014

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