- Write by:
-
Saturday, May 7, 2022 - 13:27:45
-
572 Visit
-
Print
Mining News Pro - The copper price fell on Friday as the US dollar rose to a 20-year high and as global equities tumbled on worries over a higher interest rate environment hurting global growth.
Copper for delivery in July fell 0.5% from Thursday’s settlement price, touching $4.26 per pound ($9,391 per tonne) midday Friday on the Comex market in New York.
The most-active June copper contract on the Shanghai Futures Exchange fell 1.3% to 72,100 yuan ($10,783.89).
The Federal Reserve on Wednesday raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, to fight against soaring inflation.
A stronger dollar makes greenback-denominated metals expensive for buyers using other currencies.
Further, China’s zero-covid policy has taken a toll on the market.
Officials at all levels of government should “resolutely fight with any words and acts distorting, doubting and denying China’s covid control policy,” said President Xi Jinping on Thursday.
“That may serve to dampen some hopes of any covid-19 policy shift, which suggests that economic recovery will remain prolonged and uneven,” wrote Yeap Jun Rong, a market strategist at IG Group.
Short Link:
https://www.miningnews.ir/En/News/621231
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
The London Metal Exchange is imposing new rules surrounding the movement of metal in its warehousing network, taking aim ...
No comments have been posted yet ...