The US dollar eased 0.70 percent to 90.29 in the evening session against the rival currencies. LME Copper inventories have plunged over 24 percent since mid-April 21," said Yash Sawant, Research Associate, Angel Broking Ltd. "A steady decline in the Copper inventories in the LME monitored warehouse further signalled towards a tighter market which further strengthened the prices. Copper arrivals in the world’s largest metal consuming nations dipped over 12 percent following the surge in red metal prices and slower expansion in their industry segment. The red burst higher to a record peak, fuelled by speculators and industrial buyers on the back of rosy economic data as Western economies recover from the pandemic.Ĭhina’s imports of unwrought copper and products in April’21 stood at 484,890 tonnes, down from 552,317 tonnes reported in March’21. Unlocking opportunities in Metal and Mining PhonePe Beat of Progress Powered by Moneycontrol.Life Insurance Made Simple Pharma Industry Conclave.
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“China, rates, recession fears, and supply chain issues are still there. “Unfortunately, right now trying to locate a hard bottom in copper is proving to be a difficult task,” Phil Streible, chief market strategist for Blue Line Futures LLC, told Bloomberg. this week projected copper to trade at $6,700 in the next three months, or 22% lower than its previous outlook. Looking ahead, some warn of further pain in the copper markets. “Every region has slightly different dynamics, but none of them look particularly bullish at the moment.” strategist Michael Widmer told Bloomberg. “The macro environment has definitely taken a turn for the worse,” Bank of America Corp. Meanwhile, global central banks are looking at tightening their monetary policies to fight off surging inflationary pressures. “The fear here is, that as new variants emerge, while their impact on health is less severe, their speed of contagion seems to grow.” It’s unlikely that China will “enter large scale lockdown measures again, especially as the government moves to set up more available mass testing PCR stations across the country,” StoneX analyst Natalie Scott-Gray said in a note.
The copper markets have been dragged down by two main concerns, including a recession across Europe in response to the growing energy crisis in the face of potential disruption from Russian supplies, and China’s biggest cities coming under another lockdown in face of rising COVID-19 cases. “The fundamental picture remains negative.” Prices for the industrial metal strengthened Friday alongside a broader rally in risk assets after data revealed the lowest reading in the year on long-term inflation expectations, Bloomberg reported.įriday’s rebound “seems like a risk on move for copper, following the SPX and some position adjustments,” TD Securities commodity strategy head Bart Melek said in a message.
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