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Copper slumps as rising interest rates heighten demand fears
Copper prices slid on Friday to their lowest in nearly two months on a strong dollar and fears of recession-hit metals demand after further increases to interest rates. Three-month copper CMCU3 on the London Metal Exchange (LME) had dropped 3.2% to $7,430 a tonne by 1000 GMT for its weakest since July 25. "The macro outlook is hitting industrial metals quite hard. The main worry is that central banks will allow the economy to slip into recession in an attempt to bring inflation under control," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. Now copper has broken below $7,475 a tonne, traders ... (full story)
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- Posted: Sep 23, 2022 12:13pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 65
