Base Metals Preview: Copper Slides After Brief Recovery Near $4 Mark

22 Jun 2022 , 08:42 AM

COMEX Copper slides back to $3.97 per pound as dollar turns firm after two consecutive declines. The dollar, index, that measures the greenback against a basket of currencies is higher by 0.15% at 104.36. The metal recovered briefly near $4 levels in the previous session supported by low inventories and rebound in risk sentiment across the world. Yesterday, the red metal had recaptured $4 mark after having dropped to its lowest level in 15-months to $3.94 per pound during the week on mounting fears of recession following aggressive rate hikes from major central banks. Recurring covid cases and worries of decline in demand from China also kept the red metal under check. Meanwhile, news that workers at the worlds largest copper producer Codelco in Chile will start a nationwide strike on June 22nd to protest the government and the companys decision to close a troubled smelter propelled copper prices.Powered by Commodity Insights