COMEX Copper Falls To 7-Month Lows

12 May 2022 , 02:50 PM

Copper futures is falling sharply on Thursday to its lowest level in seven months, approaching $4.00 levels on demand concerns amid ongoing lockdowns in top consumer China and fears of a global economic slowdown. Besides, bleeding equities worldwide and dollar hovering at two-decade highs also dampened sentiments for the metal. Data on Wednesday had showed U.S. inflation running persistently hot. Headline consumer prices rose 8.3% in April year-on-year, fractionally slower than the 8.5% pace of March, but still above economists forecasts for 8.1%. The data that reinforced fears of aggressive rate hike bets by the Federal Reserve coupled with escalating war in Russia-Ukraine battered the growth sensitive metals. COMEX copper is down nearly 3% at $4.05 per ounce. Powered by Commodity Insights