Base Metals Preview: Copper Recovers More Than 1%

4 Nov 2022 , 08:44 AM

Copper showed modest recovery in early Asia on Friday, recovering from sharp decline overnight as sentiments went haywire following aggressive interest rate hikes by the Federal Reserve. The fourth straight 75-basis point interest rate hike by the Federal Reserve, and comments from the central bank Chair Jerome Powell that signaled more interest rate hikes in the coming months rendered the mood bearish. COMEX copper was currently quoting up more than 1% at $3.46 per pound after having dropped to a low of under $3.4 mark overnight. U.S. stocks also fell on Thursday, extending losses to a fourth straight session, as slowing growth and rising interest rates dampened investors sentiment.Powered by Commodity Insights