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Copper prices fell to a 17-month low on Monday as renewed lockdowns by China and the prospect of sharp interest rate hikes in the United States raised fears of a global slowdown, denting demand
for the metal.
Copper for September delivery fell 1% from Friday's settlement price, hitting $3.
56 a pound ($7,847 a tonne) on New York's Comex market on Monday morning, its lowest level
since February 2021.
Shanghai's most traded copper contract for August fell 3.
1 percent in day trading to 60,660 yuan a tonne
.
"Weak demand and concerns about slower growth are weighing on the sector
.
We think the improvement in economic activity in China will stabilize prices," ANZ analysts said
in a note.
"Metal inventories are shrinking to multi-year
lows.
Due to supply challenges caused by rising energy prices and other operational issues, there is little
room for inventory buildup.
”
Copper prices fell to a 17-month low on Monday as renewed lockdowns by China and the prospect of sharp interest rate hikes in the United States raised fears of a global slowdown, denting demand
for the metal.
Copper for September delivery fell 1% from Friday's settlement price, hitting $3.
56 a pound ($7,847 a tonne) on New York's Comex market on Monday morning, its lowest level
since February 2021.
Shanghai's most traded copper contract for August fell 3.
1 percent in day trading to 60,660 yuan a tonne
.
"Weak demand and concerns about slower growth are weighing on the sector
.
We think the improvement in economic activity in China will stabilize prices," ANZ analysts said
in a note.
"Metal inventories are shrinking to multi-year
lows.
Due to supply challenges caused by rising energy prices and other operational issues, there is little
room for inventory buildup.
”
