Base Metals Preview: COMEX Copper Tests Three Week Low

22 Sep 2022 , 09:49 AM

COMEX Copper futures fell to a nearly three week low of $3.40 per pound yesterday, witnessing heavy selling pressure as the Federal Reserve rolled out another steep increase in the key US interest rate and said more hikes are coming to rein in soaring prices. DOW tanked following this and Federal Reserve Chair Jerome Powell warned that the process of conquering the highest inflation in 40 years will involve some pain. It was the third consecutive increase of 0.75 percentage point by the Feds policy-setting Federal Open Market Committee (FOMC), continuing the forceful action that has included five hikes this year. The increase takes the policy rate to 3.0-3.25 percent. The metal also eyed rising LME Copper inventories. LME Copper inventories have hit two week high mark.Powered by Commodity Insights