23.4 C
New York
Thursday, July 7, 2022

Industrial metals fall as global growth concerns weigh

Industrial metals fell on Wednesday on concerns about the global economy’s health and a firm U.S. dollar, with copper down for a second straight session after hitting a more than two-week high.

Three-month copper on the London Metal Exchange was down 0.6% at $9,400 a tonne, as of 0733 GMT.

The most-traded July copper contract on the Shanghai Futures Exchange slipped 0.3% to 71,530 yuan ($10,724.14)a tonne.

“Negativity returned to risk markets as economic data reinforced growth concerns,” ANZ analysts said in a note.

Latest key indicators reinforce concerns about how supply chain bottlenecks, high inflation, and rising interest will impact global growth, they said. New U.S. home sales fell 16.6% month-on-month in April, the largest decline in nine years.

Copper falls as investors fear global economic slowdown

In top metals consumer China, COVID-19 lockdowns kept markets on edge, largely unexcited about Beijing’s attempts to shore up the domestic economy through additional stimulus measures.

Peru: The leader of a Peruvian indigenous community, whose protest led MMG’s Las Bambas copper mine to suspend operations over a month ago, said on Tuesday that “progress” has been made toward a solution to the crisis.

Peru is the world’s No. 2 copper producer.

Dollar: The dollar bounced off a one-month low on Wednesday amid a stabilisation in Treasury yields. A firmer dollar also makes metals priced in the U.S. currency less attractive to global buyers.

Fed Minutes: The Federal Open Market Committee is expected to release the minutes from its May 3–4 policy meeting at 1800 GMT.

Prices: LME aluminium was down 1.9% at $2,846 a tonne, zinc fell 1.3% to $3,741, lead shed 1% to $2,147, and tin edged down 0.3% to $34,000.

Shanghai aluminium dropped 0.6%, nickel slipped 0.5%, lead lost 0.3%, tin tumbled 3.1%, but zinc edged up 0.5%.

Industrial metals fall as global growth concerns weigh

Source: Brecorder

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,297FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles