Weekly Copper Review: Demand Concerns Drag COMEX Futures Near $3.30 Per Pound

24 Sep 2022 , 12:53 PM

Copper melted as global stock markets were hit by inflationary fears and the global central bankers maintained their interest rate raising spree. COMEX Copper slumped under $3.40 per pound to test two month low near $3.30 per pound markets continued to worry about global economic growth and the recent surge in the LME Copper inventories. International Monetary Fund Managing Director Kristalina Georgieva has said she expects slowing growth from higher borrowing costs will make next year feel like a recession for millions of people, even if the global economy avoids a technical downturn, according to media reports. MCX Copper futures fell near Rs 630 per kg as a early slide under Rs 650 mark continued for the red metal. Broad demand cues remain depressed for the metal. The Asian Development Bank revised down growth projections for Asia from that made in April, to 4.3% from 5.2% for this year and to 4.9% from 5.3% for 2023. Excluding the PRC, the rest of developing Asia is projected to grow by 5.3% in both 2022 and 2023, the first time in more than 3 decades that the rest of developing Asia will grow faster than the PRC. Inflation in developing Asia, while remaining lower than elsewhere in the world, is increasing amid higher energy and food prices, the ADB report stated.Powered by Commodity Insights