Copper Falls Near Three Week Low, MCX Futures Down 1.5%

30 Aug 2022 , 04:33 PM

COMEX Copper futures fell near a three week low on Chinese Covid-19 concerns today but a return in risk appetite and worries over Chiles economic trend capped losses. IMF noted in a latest update that the Chilean economy is confronting an acute deterioration of the external environment. Downside risks have materialized, including a tightening of global financial conditions, a slowdown in global growth, and a substantial drop in Chiles terms of trade. Chile is the leading global Copper producer and exporter. The red metal currently trades down 2% at $3.55 per pound. MCX Copper futures are down 1.5% at Rs 658.35 per kg.Powered by Commodity Insights