Copper price slumps as slowdown fears hit industrial metals market

Financial Times LogoFinancial Times1w ago

Copper price slumps as slowdown fears hit industrial metals market

Quick Summary

Speaking to a Senate banking committee on Wednesday, Fed chair Jay Powell conceded that plans to raise borrowing costs this year could tip the world’s largest economy into recession.

Copper started the year at around $9,800 a tonne and went on to trade above $10,400 a tonne in early March over worries that the war in Ukraine would hit supply.

Data released on Thursday added to signs of a slowdown, with a business activity survey indicating that Germany — Europe’s biggest economy — suffered a sharp loss of momentum at the end of the second quarter.

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Article Details

Author / Journalist: Neil Hume

Category: MarketsFinanceInvesting

Topics: Thursday Year Financial Aluminium Copper Prices Demand Cent Price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 13:00:00

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 4 minutes read

Article Length: 711 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 5930

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