Copper Crashes As Fedex Highlights Global Volume Softness

16 Sep 2022 , 01:16 PM

COMEX Copper futures slumped today, adding to recent wave of losses as global economic growth worries continued to weigh on the red metal. The prices broke under $3.50 per pound mark yesterday and fell to a one week low today amid negative leads from equities. In a key update yesterday, Fedex, one of the leading logistics companies, announced its First quarter results which were adversely impacted by global volume softness that accelerated in the final weeks of the quarter. FedEx Express results were particularly impacted by macroeconomic weakness in Asia and service challenges in Europe, leading to a revenue shortfall in this segment of approximately $500 million relative to company forecasts. FedEx Ground revenue was approximately $300 million below company forecasts. MCX Copper futures also tanked in tune with global cues and currently trade at Rs 635.95 per kg, down 1.50% on the day.Powered by Commodity Insights