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Copper Bounces Off Lows, Will Recovery Continue?
Copper prices are fighting to get back above broken support today following a bounce off recent lows. Copper futures have been under heavy selling pressure over recent months amidst an uptick in USD strength linked to safe-haven demand around recession fears. USD has been pushing higher leading to a fresh downturn in copper prices from the recent April highs. More recently, USD has seen fresh support kicking in linked to a shift in the market’s expectations around the projected Fed rate path. The Fed is now widely expected to hike interest rates again next month while expectations of rate cuts later in the year ... (full story)
