Oil, aluminum and copper rose in price on hopes of an end to the U.S. shutdown

Aluminum rose in price along with copper and other industrial metals due to increased hopes of ending the record-long U.S. government shutdown, Bloomberg reports. Against the background of the general revival of the markets, oil prices also went up.

Aluminum futures, a key sign of global industrial activity, rose 1% on the morning of November 10. Copper contracts - an indicator of the "health" of the global economy - jumped by 1.6%. Investors' appetite for risk increased after reports that the U.S. Senate supported a bill to fund the government, designed to end the longest shutdown in the country's history, Bloomberg writes.

Against the background of general improvement of investors' sentiments in the markets of exchange commodities, oil prices have also grown, the agency notes. The benchmark grade Brent rose above $64 per barrel after two weeks of decline, while the North American grade WTI crossed the $60 mark.

"The imminent reopening of the US government (...) should improve risk attitudes in the markets," Reuters quoted IG analyst Tony Sycamore as saying. According to his forecast, as a result, the price of WTI may rise to $62 per barrel.

The U.S. Senate on the night of November 10 in a procedural vote by 60 votes to 40 adopted a resolution that will help end the six-week shutdown, according to Reuters. The necessary number of votes was provided by the support of several Democratic senators who joined the Republican majority.

This vote was preceded by a deal between the two parties. Republicans agreed to support an extension of tax credits for health insurance under Obamacare, a program favored by Democrats. The deal also means that federal employees fired during the shutdown will be reinstated and receive back pay, Bloomberg reports.

Now the U.S. Senate will have to hold a final vote, after which the bill must be approved by the House of Representatives and sent to President Donald Trump for his signature. As Reuters notes, if there is no agreement in the Senate, the shutdown could drag on for another week, as even one senator can slow down the process.

This article was AI-translated and verified by a human editor