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Armenian economy to take hit from int'l copper price decrease

12 March 2014 [11:17] - TODAY.AZ
The decrease in copper prices in international markets will lead to deterioration of Armenia's general economic indicators, ARKA agency reported citing the Haykakan Zhamanak newspaper.

The copper prices in London Stock Exchange decreased to $6,681 per ton on March 10, according to the newspaper.

"International prices for copper have key importance for the Armenian economy. The fact is that for example, in 2013, some $280 million worth of copper concentrate was exported from Armenia. Meanwhile, the export of copper ore and its products made up $400 million which is nearly 30 percent of the country's export," the newspaper said.

The decrease in international prices for copper will negatively affect Armenia's economy, and it will more strongly influence Armenia's financial market, according to the newspaper.

Some three percent decrease in copper prices leads to a one percent decrease in proceeds from copper exports, the newspaper reported.

It is not clear if the decrease in copper prices will be long or short term.


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