Copper prices plunged drastically, and dropped below its January 2023 month low. Uncertainty over the debt ceiling and hawkish comments from Fed officials that indicated a rate hike in June remains a possible put pressure on commodity prices. The dollar index which tracks the greenback against a basket of six
Copper prices posted a smart recovery yesterday. After the Biden administration provided encouraging signs on lifting the U.S. debt ceiling, indicating that a compromise with Republican lawmakers may be reached by this week, prices found support as the stance improved. The red metal dropped below its five-month low in the
Dollar strengthened more than half percent against a basket of major currencies on Thursday. Currency sparked to the one week high after recent jobless claims data strengthened the case for the Federal Reserve to halt interest rate hikes, but kept a high bar for a year-end cuts. The number of
Copper prices have paused their recent fall, and were able to recover from a seven week low. Prices found support amid optimism that the U.S. Federal Reserve has finished its current hiking cycle and will hold interest rates where they are for the time being. Further, prices inched higher as
Copper prices struggled for direction last week. Prices traded in between small gains and losses amid easing worries about banking stresses and falling inventories. However, economic uncertainty has kept upside momentum. Top metals consumer China Purchasing managers’ index data, released on Friday, showed that Chinese service sector activity grew at its
Most base metals prices sparked yesterday. Among industrial metals, copper prices jumped back to key levels on Thursday as fears of a banking crisis eased. Markets were also betting on a recovery in key importer China, as it reemerges from three years of COVID lockdowns. The Federal Reserve hiked interest
After breaching support 763.50, Copper prices retreated towards 750. Hit both predicted levels 758.50- 755, as expected on March 2, 2023. Copper prices retreated sharply as major importer China set a weaker-than-expected GDP target for 2023, undermining expectations of a strong recovery in demand. A prospect of slowing economic growth weighed
Copper prices retreated significantly. It dropped below the day’s low as after the Euro zone inflation rose to a higher than expected annual rate of 8.5% in February. A according to a first estimate from the EU’s statistics agency. The euro fell against the dollar on after data showed inflation in
Copper prices plunged by 3.16% last week. That was the biggest losing streak since mid November 2022. Base metals prices tumbled last week after a series of hawkish signals from the Fed. Prices fell particularly hard on Friday after data showed that the Personal Consumption Expenditures index. The Fed’s preferred
Despite a speculative plunge in the entire commodity market, Copper prices were able to gain 1.27% last week. It made a high of 780.50 and settled at 775.85 as compared to previous week’s close of 766.40. As optimism over China and potential supply disruptions supported from the lower level. High-grade
