Base Metals Preview: Copper Tracks Equities Lower

23 Sep 2022 , 09:10 AM

Copper prices were seen lower on Friday, tracking lower equities and persistent worries of a global recessionary scenario amid sharp rate hikes by global central banks. The US Federal Reserve led the charge with its third straight 75 basis point rate hike, along with increases by the Bank of England and the Swiss National Bank, among others. Rising interest rates across the globe are expected to weigh on industrial activity. Meanwhile, the Dow and the S&P 500 fell to three-month closing lows, while the Nasdaq slid to its lowest closing level in well over two months. COMEX copper is down 0.45% at $3.44 per pound. Powered by Commodity Insights