- Write by:
-
Wednesday, July 6, 2022 - 17:43:35
-
420 Visit
-
Print
Mining News Pro - Copper prices extended a decline on Tuesday as aggressive interest rates, a spike in covid-19 cases in China, potential recession, and rising inventories weighed on investor sentiment.
Copper for delivery in September fell 4.8% from Monday’s settlement, touching $3.43 per pound ($7,546 per tonne) Tuesday morning on the Comex market in New York, the lowest since November 2020.
The most-traded August copper contract in Shanghai ended daytime trading down 1.9% to 60,110 yuan ($8,975.66) a tonne by midday trade.
“There was a bull trap set early at the open today as S&P and Nasdaq futures pointed higher. However, the rest of the bearish sentiment is just because of recession fear, which is almost certain for most US and Europe already,” a Singapore-based metals trader said.
Pulling down economic activity and inducing recession fears are soaring inflation and interest rate increases in many countries, including the United States, where the Federal Reserve is expected to deliver another 75-basis-point increase this month.
Meanwhile, copper stocks in LME-approved warehouses jumped 10,100 tonnes to 136,950 tonnes. They have risen more than 20% over the past week.
Cities in eastern China tightened covid curbs on Sunday as coronavirus clusters emerged.
Short Link:
https://www.miningnews.ir/En/News/621690
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.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
No comments have been posted yet ...