Copper Under Renewed Pressure Below $3.40 Mark

21 Oct 2022 , 04:23 PM

Copper prices fell on Friday under $3.40 mark, all set for a lower close this week as the U.S. dollar strengthened, making greenback-priced metals more expensive. US treasury yields climbed to its highest level since 2008, near 4.3% dragging dollar higher in turn weighing down the red metal. Meanwhile, increasing views for an aggressive tightening by the Fed to curb soaring inflation that could spark recession and hurt demand is also adding pressure on the commodity. COMEX copper is seen lower by nearly 1% at $3.37 per pound. The global copper market is expected to see a deficit of about 328,000 tonnes this year and a surplus of 155,000 tonnes in 2023, the International Copper Study Group said on Wednesday.Powered by Commodity Insights