Copper price back bellow 8,000 as hawkish Fed outweighs supply risk.
The copper price fell on Monday as a hawkish Federal Reserve crimped the outlook for demand, outweighing supply risks. higher-for-longer interest rates to curb inflation at the Fed’s Jackson Hole symposium on Friday, sparking broad declines across financial assets.The worsening sentiment on copper demand took precedence over further signs that supply is under threat, with Codelco becoming the latest major producer toCopper for delivery in December fell 3.
“As long as supply is being destroyed by the energy crisis at a faster rate than demand is being destroyed by hawkish policies of central banks, that could really tighten the fundamentals for base metals,” Shah said.
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