- Write by:
-
Thursday, May 19, 2022 - 14:21:11
-
463 Visit
-
Print
Mining News Pro - Copper prices fell on Wednesday, as bets of big US rate hikes following hawkish comments from Federal Reserve officials, and a recent batch of weak economic readings from China put the focus back on global economic growth concerns.
Copper for delivery in July fell 1.57% from Tuesday’s settlement price, touching $4.17 per pound ($9,176 per tonne) midday Wednesday on the Comex market in New York.
The most-active June copper contract on the Shanghai Futures Exchange edged 0.1% lower to 71,600 yuan ($10,606.31) a tonne by the midday break.
“There is some selling pressure as China’s economic data has come on the lower side owing to a forced lockdown in Shanghai,” said Jigar Trivedi, a commodities analyst at Mumbai-based broker Anand Rathi Shares.
“Also, the dollar is rebounding after the Fed chair’s statement to continue with rate hikes.”
Fed Chair Jerome Powell on Tuesday pledged that the US central bank would ratchet interest rates as high as needed to kill a surge in inflation that he said threatened the foundation of the economy.
The dollar rose 0.1% against its rivals, making greenback-denominated metals more expensive for buyers using other currencies.
Chinese economy
China’s new home prices in April fell for the first time month-on-month since December, official data showed, hit by strict covid-19 lockdowns in many cities.
This comes after data showing China’s economic activity cooled sharply in April as lockdowns took a heavy toll on consumption, industrial production, and employment.
Offering some respite, China’s decision to ease some covid-19 restrictions fuelled expectations of a recovery in metals demand.
Shanghai achieved a fourth consecutive day without any new infections in the community, keeping hold of its prized “zero-covid” status and keeping alive hopes for an imminent end to lockdown misery.
Short Link:
https://www.miningnews.ir/En/News/621359
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
No comments have been posted yet ...