Base Metals Preview: COMEX Copper Slips On Growth Concerns

12 May 2022 , 09:09 AM

COMEX copper fell below $4.20 levels on Thursday, as US inflation data stoked concerns about aggressive policy tightening by the Federal Reserve, which could impact global economic growth. The annual inflation rate in the US slowed to 8.3% in April from a 41-year high of 8.5% in March, further raising case for a rate hike by Federal Reserve. The dollar index, strengthened to a high of 104.10 following the data, just below the two-decade high of 104.19 reached on Monday and eased back thereafter although the greenback continues to stay at two-decade highs. On a monthly basis, the Labor Department said its consumer price index rose by 0.3 percent in April after surging by 1.2 percent in March. Core consumer prices, which exclude food and energy prices, climbed by 0.6 percent in April after rising by 0.3 percent in March. Core prices were expected to increase by 0.4 percent. Powered by Commodity Insights