* Prices for the metal widely used in the energy, construction and packaging industries earlier hit $2,888.5, down about 30% from early March and the lowest level since Jan. 6.
* “Growth concerns and demand headwinds stemming from China’s COVID restrictions are a major driver of selling pressure in base metals,” said Tom Mulqueen, an analyst at AMT.
* “Slowing global manufacturing growth, Fed rate hikes and broader inflationary pressure on economic activity are also weighing,” he said.
* China’s factory activity contracted at the sharpest pace in 26 months in April, while manufacturing output in the United States and the euro zone slowed.
* China’s trade data due out on Monday is expected to show export growth slowed in April as tight COVID-19 restrictions hit output, while imports likely extended declines.
* The Federal Reserve on Wednesday raised the benchmark interest rate by half a percentage point, the biggest increase in 22 years, to combat runaway inflation in the world’s largest economy, a development that boosts the dollar and makes commodities traded more expensive. the coin.
* For copper, the benchmark three-month contract on the LME was down 0.52% at $9,440.50 a tonne. The red metal is hovering around its lowest level since December.
* Copper stocks in LME-registered warehouses stand at 170,025, nearly tripling in recent months and at their highest since last October.
By Pratima Desai, from Reuters agency
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
