Copper retreats from five-month high as Fedspeak, cautious mood favor US Dollar – by anilpanchal7 Copper Metals China RiskAppetite Fed
While portraying the mood of the metal traders, the Copper Futures in COMEX drop 1.24% intraday as it reverses from the highest levels since late June to $3.88 by the press time. On the same line, Reuters conveyed that a three-month Copper contract on the London Metal Exchange was down 0.4% at $8,453 a tonne by 05:43 GMT.
The red metal began the week on a positive side while tracking the weekend announcements from China suggesting a further easing of the Covid controls and measures taken to ease the pain of the real estate market by a 16-point plan. However, comments from US Federal Reserve Governor Christopher Waller, as well as gloomy statements from the International Monetary Fund , exerted downside pressure on the market’s sentiment and the Copper price.
Fed’s Waller said, “Rates will not fall until there is ‘clear, strong evidence’ inflation is falling,” which in turn curtailed the dovish bets on the Fed’s next moves. The policymaker, however, also mentioned that the Fed can begin to consider moving at a slower pace.
Elsewhere, anxiety ahead of the Group of 20 Nations meeting in Bali, especially the meeting between US President Joe Biden and his Chinese counterpart Xi Jinping, also exerts downside pressure on the metal prices. Ahead of the event, up for taking place around 09:30 AM GMT, Reuters quotes US President Biden as saying that the US communication lines with China would stay open to prevent conflict, with tough talks almost certain in the days ahead.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
$477M Vanishes From Bankrupt Crypto Firm FTX, Which Managed Tens of Billions of DollarsCollapsed cryptocurrency trading firm FTX is confirming there was unauthorized access to its accounts just hours after the company filed for bankruptcy protection.
Consulte Mais informação »
Lakewood woman reimbursed thousands of dollars after months-long battle with Best BuyAs people look for appliance deals this holiday season, a Lakewood woman has some advice for Best Buy shoppers.
Consulte Mais informação »
Dollar extends fall after inflation data knock By Reuters*DOLLAR PLUNGES TO END THE WEEK, SUFFERS WORST WEEKLY LOSS SINCE MARCH 2009 - $USD 🇺🇸🇺🇸
Consulte Mais informação »
US Dollar bulls could start to emerge in the opening sessionsThe US Dollar DXY index broke out of the week's channel between 111.25 and 109.40 in the final two days of the week on the back of the US Consumer Pri
Consulte Mais informação »
Egypt’s new billion-dollar museum is fit for a pharaohTwo decades in the making at an estimated cost of more than a billion dollars, the Grand Egyptian Museum will soon open outside Cairo. The facility brings together for the first time nearly all 5,000-plus artifacts from King Tutankhamun’s tomb
Consulte Mais informação »
‘Million Dollar’ Marco Piemonte talks Week 10 NFL picks, beef with Darren RovellIn January 2022, Marco Piemonte won over $2 million in profit from sports betting, obtaining the nickname “Million Dollar” Marco. He steps in to discuss some NFL bets for Week 10.
Consulte Mais informação »