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- Copper price tumbles 4% to threaten $4 mark on demand fears
Copper price tumbles 4% to threaten $4 mark on demand fears
- Copper price resumes the downslide as growth concerns fuel demand fears.
- Comex copper threatens the $4-mark, LME copper breaches the $9,000 level.
- Investors seek refuge in the safe-haven US dollar, as hot US CPI spooks the market.
Copper, the so-called economic bellwether, has resumed its bearish momentum following a temporary rebound seen on Wednesday.
The latest downside leg in the red metal has knocked down the rates to the lowest level since September 2021, as bears look to take out the $4 mark on Comex futures while the LME copper futures are already trading under the $9,000, having lost the $10,000 threshold a week ago.
The renewed sell-off in copper price is mainly driven by growing demand concerns for the metal, as the global economy risks a slowdown amid surging inflation and a hawkish Fed outlook.
Hotter than expected US CPI data fuelled concerns that the Fed could go in for aggressive rate hikes in the coming months, bringing the post-pandemic global economic recovery to a standstill.
Further, China’s covid lockdowns and Ukraine crisis-led supply chain disruptions also add to the global growth worries, eventually heightening fears over the demand for the red metal.
That said, any recovery attempts in the barometer of the world economy are likely to remain short-lived and could be seen as a good selling opportunity for traders.
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