Base Metals Preview: Copper Under Pressure

21 Jul 2022 , 09:20 AM

Renewed fears of recession as major central banks are due to announce interest rate hikes coupled with worries about slowing demand in China is weighing down copper prices. Under zero Covid policy, China authorities are stepping up measures to combat rising cases. COMEX copper is currently down more than 1% at $3.27 per pound. Meanwhile, stocks in the US managed to close mostly higher. The major averages extended the rally seen in the previous session, reaching their best closing levels in over a month. While the Nasdaq surged 184.50 points or 1.6 percent to 11,897.65, the S&P 500 climbed 23.21 points or 0.6 percent to 3,959.90 and the narrower Dow edged up by 47.79 points or 0.2 percent to 31,874.84. Powered by Commodity Insights