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Copper drops to two-month low on buoyant dollar, recession fears

From brecorder.com

Copper prices fell to a more than two-month low on Wednesday, battered by a stronger dollar and deepening worries over a likely recession and sliding metals demand. Three-month copper on the London Metal Exchange had lost 0.9% to $7,288 a tonne by 1015 GMT, the weakest since July 21 and down 33% from a record peak scaled in March. The most-traded October copper contract on the Shanghai Futures Exchange dipped 0.5% to 60,830 yuan ($8,414.60) a tonne. “The strong dollar is hurting absolutely everything that is priced in dollar terms,” said Nitesh Shah, commodity strategist at WisdomTree. The dollar hit a fresh ... (full story)

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  • Category: Fundamental Analysis