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Copper prices fell on Wednesday as bets on sharp U.
S.
interest rate hikes following hawkish comments from Fed officials and a recent series of weak economic data from China put the focus back on global growth concerns
.
Copper prices fell on Wednesday as bets on sharp U.
S.
interest rate hikes following hawkish comments from Federal Reserve officials and China's recent economic data on April heightened
concerns about global growth.
Copper for July delivery fell 1.
57% from Tuesday's settlement price, hitting $4.
17 a pound ($9,176 a tonne)
in New York's Comex market at midday Wednesday.
By midday, the most active June copper contract on the Shanghai Futures Exchange edged down 0.
1 percent to 71,600 yuan ($10,606.
31)
a tonne.
Jigar Trivedi, commodities analyst at Mumbai-based broker Anand Rathi Shares, said: "China's economic data in April was lower due to pandemic measures in Shanghai, so there is some selling pressure
.
In addition, the dollar is rebounding
after the Fed Chairman's statement that he continues to raise interest rates.
”
Fed Chairman Jerome Powell promised on Tuesday that the Fed would raise interest rates to the levels necessary to curb soaring
inflation.
Official data showed that new home prices in China fell month-on-month in April for the first time since December, which was hit
by strict COVID-19 lockdown measures in many cities.
Previous data showed that economic activity in China cooled in April as the lockdown hit consumption, industrial production and employment hard
.
However, with the epidemic under control and Shanghai beginning to resume work and production, copper prices are expected to rise
as China's economic activity resumes.
Copper prices fell on Wednesday as bets on sharp U.
S.
interest rate hikes following hawkish comments from Fed officials and a recent series of weak economic data from China put the focus back on global growth concerns
.
Copper prices fell on Wednesday as bets on sharp U.
S.
interest rate hikes following hawkish comments from Federal Reserve officials and China's recent economic data on April heightened
concerns about global growth.
Copper for July delivery fell 1.
57% from Tuesday's settlement price, hitting $4.
17 a pound ($9,176 a tonne)
in New York's Comex market at midday Wednesday.
By midday, the most active June copper contract on the Shanghai Futures Exchange edged down 0.
1 percent to 71,600 yuan ($10,606.
31)
a tonne.
Jigar Trivedi, commodities analyst at Mumbai-based broker Anand Rathi Shares, said: "China's economic data in April was lower due to pandemic measures in Shanghai, so there is some selling pressure
.
In addition, the dollar is rebounding
after the Fed Chairman's statement that he continues to raise interest rates.
”
Fed Chairman Jerome Powell promised on Tuesday that the Fed would raise interest rates to the levels necessary to curb soaring
inflation.
Official data showed that new home prices in China fell month-on-month in April for the first time since December, which was hit
by strict COVID-19 lockdown measures in many cities.
Previous data showed that economic activity in China cooled in April as the lockdown hit consumption, industrial production and employment hard
.
However, with the epidemic under control and Shanghai beginning to resume work and production, copper prices are expected to rise
as China's economic activity resumes.
