Weekly Copper Review: COMEX Futures Tank To 20 Month Low

16 Jul 2022 , 01:01 PM

COMEX Copper lost heavily last week, tanking near 20 month lows under $3.20 per pound as global equities turned lower amid a sharp spike in the US dollar index and generally muted risk appetite in world markets. The broad global demand concerns continue to weigh on the red metal. The International Monetary Fund warned that avoiding recession in the United States will be increasingly challenging as it again cut its 2022 U.S. growth forecast to 2.3% from 2.9% in late June as recent data showed weakening consumer spending. The Fund also cut its 2023 real GDP growth forecast to 1.0% from 1.7%. The Fund said Fed monetary policy tightening should help bring down inflation to 1.9% by the fourth quarter of 2023, compared with a forecast of 6.6% for the fourth quarter of 2022.Powered by Commodity Insights