Weekly Copper Review: COMEX Futures Approaches $3.60 Mark

30 Jul 2022 , 01:44 PM

Copper consolidated at higher levels on weakness in dollar and continued fall in copper inventories that kept the commodity supported all through the week. The commodity mostly sidelined reports that Chinas top leaders signaled that no big stimulus for economic growth was on the way, and downplayed the necessity of achieving the ?around 5.5%? GDP target. COMEX copper approached $3.60 per pound, adding to recent gains and hitting a three week top. Meanwhile, the global economic outlook is bleak for the red metal. The International Monetary Fund (IMF) cut its forecast for global economic growth for 2022 to 3.2 percent, 0.4 percentage point lower than in the April 2022 World Economic Outlook, as the world – still reeling from the coronavirus pandemic and Ukraine conflict – now faces increasing risks including high inflation. The agency stated in its Word Economic Outlook that a tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Powered by Commodity Insights