Copper Slides Below $4.00 Per Pound

20 Jun 2022 , 03:09 PM

COMEX copper fell below $4 per pound amid mounting concerns of a global slowdown amid aggressive policy tightening by major central banks of the world. The Fed hiked interest rates by 75 basis points on Wednesday, the largest increase since 1994, to rein in soaring inflation. The US central bank expects to raise interest rates steadily for the rest of 2022. Besides, persistent coronavirus outbreaks in China that could dampen demand, also weighed on the base metal. According to a report released by the National Bureau of Statistics, Chinas copper cathode output in May was 912,000 mt, a year-on-year increase of 4.7% from April. COMEX copper is currently quoting at $3.97 per pound. Powered by Commodity Insights