Copper Sees Mild Recovery Near $4 Levels

21 Jun 2022 , 04:31 PM

Copper prices rebounded on Tuesday, supported by low inventories and rebound in risk sentiment across the world after a recent sell-off. Besides, weakness in US dollar that is down 0.34% at 103. 92 further aided recovery in copper. COMEX copper recaptured $4 mark after having dropped to its lowest level in 15-months to $3.94 per pound yesterday amid mounting fears of recession following aggressive rate hikes from major central banks. Recurring covid cases and worries of decline in demand from China also kept the red metal under check. Meanwhile, news that workers at the worlds largest copper producer Codelco in Chile will start a nationwide strike on June 22nd to protest the government and the companys decision to close a troubled smelter propelled copper prices. Powered by Commodity Insights