Copper steadies, but slowdown fears keep investors on edge

June 29, 2022|

June 29 (Reuters) – London copper prices edged up on Wednesday due to a slight pullback in the U.S.

dollar, although fears over a global economic slowdown, higher interest rates and weak economic readings kept investors on the edge. FUNDAMENTALS * Three-month copper on the London Metal Exchange was up 0.2% at $8,378 a tonne, as of 0238 GMT, after falling 0.6% in the previous session. * The most-traded August copper contract in Shanghai eased 0.1% to 63,990 yuan ($9,546.76) a tonne.

* U.S. Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that higher borrowing costs will trigger a steep downturn. * U.S. consumer confidence fell sharply in June as worries about rapid inflation left consumers anticipating that economic growth would weaken significantly in the second half of the year.

* The dollar weakened against most major peers as a decline in U.S. yields took some sheen off the currency. A weaker greenback makes dollar-denominated metals less expensive for buyers using other currencies. * Mainland China reported 129 new coronavirus cases for June 28, compared with 100 new cases a day earlier, the National Health Commission said.

* China’s economy has recovered to some extent, but its foundation is not solid, state media on Tuesday quoted Premier Li Keqiang as saying. * Japan’s May copper exports rise 15.5% year-on-year, while zinc exports were down 2.5%. If you adored this article in addition to you desire to be given more information with regards to judi slot online jackpot terbesar kindly go to our web page. * COLUMN-Copper crushed as funds turn negative on recession fears: Andy Home.

MARKETS NEWS * Stocks fell across Asia on Wednesday, extending overnight losses on Wall Street amid concerns over inflation and high oil prices. DATA/EVENTS (GMT) 0900 EU Consumer Confid. Final June 1200 Germany CPI Prelim YY June 1200 Germany HICP Prelim YY June 1230 US GDP Final Q1 PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ($1 = 6.7028 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips)

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