Copper price grinds higher amid firmer DXY, mixed concerns over China – by anilpanchal7 Copper RiskAppetite Fed Recession Metals
That said, the three-month copper on the London Metal Exchange rose 0.5% to $7,804 a tonne by 03:25 GMT, per Reuters, whereas the most-traded October copper contract on the Shanghai Futures Exchange advanced 1% to 62,650 yuan a tonne. On the contrary, the COMEX Futures drop 0.60% by the press time.
Further, the People’s Bank of China cuts the 14-day reverse repo rate by 10 basis points to 2.15%. “With no reverse repos maturing on Monday, China central bank injects 12 billion yuan on the day,” per Reuters. The same might have signaled that the dragon nation isn’t in recovery mode and needs more rate cuts than the rate hikes, which in turn could have drowned theElsewhere, hawkish hopes from the Fed also weigh on the metal prices, especially amid recession fears.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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