Base Metals Preview: Copper Declines On Weak Growth Outlook

13 Oct 2022 , 08:49 AM

Copper prices are seen extending decline in early Asia on Thursday amid recession woes after the International Monetary Fund cut its global growth forecast for 2023 amid colliding pressures from the war in Ukraine, high energy and food prices, inflation and sharply higher interest rates, warning that conditions could worsen significantly next year. Copper is quoting lower by 0.36% at $3.41 per pound. Meanwhile, equities in the US also ended lower on Wednesday with traders reacting to the minutes from the Federal Reserves most recent policy meeting, and looking ahead to the crucial consumer price inflation data. The Dow ended the day with a loss of 28.34 points or 0.1 percent at 29,210.85. The S&P 500 ended lower by 11.81 points or 0.33 percent at 3,577.03 while the Nasdaq settled at 10,417.10, posting a loss of 9.09 points or 0.09%.Powered by Commodity Insights