Copper stayed under pressure on global economic growth worries, testing around $4.60 per pound though advanced in DOW capped losses. The Dow added to the strong gain posted on Tuesday and pushed up Copper from intraday lows. The red metal currently trades flat at $4.65 per pound. With the downward revision in global economic growth estimates, the near term outlook seems to have gotten affected for the red metal and further gains could be limited. IMF has noted that it has revised projection for global growth downwards to 3.6 percent in both 2022 and 2023. This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.
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