- Write by:
-
Wednesday, October 5, 2022 - 22:30:00
-
529 Visit
-
Print
Mining News Pro - Copper prices retreated on Wednesday after touching their highest in nearly two weeks due to a resurgent dollar and persistent worries that rate hikes will hit demand.
Copper for delivery in December fell 0.4% from Tuesday’s settlement price, touching $3.47 per pound ($7,634 per tonne).
Sign Up for the Copper Digest
“The backdrop is still grim. The Fed is still determined to go after inflation and China’s economy is still struggling,” said Tom Price, head of commodities strategy at Liberum.
“For over a year, the Fed has not budged from its focus to curb inflation. Its hawkish message has never changed. And yet the market keeps hoping that there might be some kind of switch or relief.”
Also undermining copper was news of a possible labor deal in a mandatory mediation process to avoid a strike at Antofagasta Minerals’ Los Pelambres copper mine.
Global copper smelting edged up in September but remained below the two-year average as negotiations ramped up between smelters and miners for treatment charges, data from satellite surveillance of metal processing plants showed on Wednesday.
Weaker smelting activity in China was mainly behind the lackluster readings, according to a joint statement from commodities broker Marex and SAVANT, the satellite analytics service Marex launched with Earth-i in 2019.
Short Link:
https://www.miningnews.ir/En/News/622250
Battery metal prices are on the floor, and massive expansions by Chinese miners have been instrumental in driving them ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Indonesian state-controlled miner Aneka Tambang (Antam) aims to launch the construction of two nickel processing ...
Cocoa extended its surge — gaining more than $700 per ton in a single day and surpassing $9,000 for the first time ever ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Aluminum prices touched an 11-week high on Monday over concerns over slow recovery in production in China’s Yunnan ...
China’s steel industry is young compared to Europe’s, and its transition to net zero may be slower as it takes a ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
Iron ore futures were mixed on Friday, but set for a weekly gain on mounting anticipation of a pick up in demand in top ...
No comments have been posted yet ...