Base Metals Preview: COMEX Copper Renews To 15-Month Low

23 Jun 2022 , 08:42 AM

Copper prices extend losses to its lowest level since February 2021 as demand concerns escalate amid global central banks taking the tightening approach on policy rates. Dollar holding up is also not auguring well for the red metal that has fallen nearly 2% to $3.86 per pound, renewing 15-month lows. Besides, China stringent restrictions to achieve zero covid policy is further raising concerns for copper demand. Meanwhile, Chilean state-owned copper producer Codelco, the worlds largest, was hit on Wednesday by a nationwide strike against the miners decision to close permanently an allegedly polluting smelter in the countrys central zone. Powered by Commodity Insights