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Monday, October 3, 2022

Copper set for biggest weekly loss since March 2020

London copper prices fell on Friday, on track for their worst weekly loss in more than two years, on a stronger dollar and weak demand outlook due to slowing economic growth and imminent rate hikes.

Three-month copper on the London Metal Exchange fell 0.5% to $7,135.50 a tonne by 0249 GMT.

It was down 8.7% on a weekly basis, its biggest drop since March 2020. The most-traded August copper contract on the Shanghai Futures Exchange dropped 1.8% to 54,750 yuan ($8,104.99) a tonne, having hit its lowest since November 2020 of 54,440 yuan a tonne earlier in the session.

Economic growth in top metals consumer China slowed sharply in the second quarter, expanding 0.4% year-on-year and missing expectations, as widespread lockdowns to curb record COVID cases hit industrial activity and consumer spending.

Copper slides to 20-month low

Meanwhile, inflation in the United States at the highest since 1981 is seen triggering a jump in rate hike this month, which is expected to slow growth and push up the dollar.

The dollar hovered near its two-decade high, making greenback-priced metals more expensive to holders of other currencies.

ShFE nickel tumbled 8.3% to 142,690 yuan a tonne, tin dropped 3.1% to 186,280 yuan a tonne while aluminium rose 0.5% to 17,355 yuan a tonne.

Copper set for biggest weekly loss since March 2020

Source: Brecorder

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