Copper Attempts Recovery Near $3.5 Mark

22 Sep 2022 , 01:55 PM

Copper recovered on Thursday as preliminary data from the International Copper Study Group (ICSG) for June world copper supply and demand in its September 2022 Copper Bulletin indicated that world copper mine production increased by about 3% in the first seven months of 2022, with concentrate production increasing by around 2 % and solvent extraction-electrowinning (SX-EW) by about 7%. The recovery came on the back of a sharp fall in the previous session after Fed went an aggressive rate hiking spree and sent further hawkish signals regarding future rate hikes. The red metal lost nearly 1.5% this week on concerns that persistent rate hikes by central banks would push the global economy into recession and impact demand for the industrial metal. Rising copper stocks already show a declining trend in demand for the commodity. COMEX copper is currently quoting higher by nearly 0.55% at $3.48 per pound. Powered by Commodity Insights