Base Metals Preview: Copper Snaps Winning Streak On Global Slowdown Worries

27 Jul 2022 , 08:41 AM

Copper gave up its three-day winning streak in early Asia on Wednesday amid lingering concerns of global economic slowdown after the International Monetary Fund cut its global growth forecasts yet again. IMF cut global growth forecasts on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2 per cent in 2022 from a forecast of 3.6 per cent issued in April, the IMF said in an update of its World Economic Outlook. It added that world GDP actually contracted in the second quarter due to downturns in China and Russia. The Fund cut its 2023 growth forecast to 2.9 per cent from the April estimate of 3.6 per cent, citing the impact of tighter monetary policy. COMEX copper futures were marginally lower at $3.39 per pound. Powered by Commodity Insights