Copper retreats from two-week top on concerns over China demand By anilpanchal7 Copper RiskAppetite China Coronavirus Commodities
EX retreat to $4.30 heading into the European session, following the initial run-up to refresh a multi-day high around $4.33.
It’s worth noting that the hopes of further support measures from China to overcome covid-led economic slowdown, as well as battle inflation woes, keep the copper buyers hopeful. On the same line is the overall reduction in Mainland China’s new daily covid cases, eased to 869 from 898 prior at the latest.
Elsewhere, repeated Fedspeak and a lack of major data/events renewed optimism earlier but inflation fears join geopolitical concerns surrounding the Russia-Ukraine crisis to weigh on the market sentiment, as well as commodity prices. for April, the Fed’s preferred inflation gauge, joins the second reading of the US Q1 2022 GDP and preliminary PMIs for May to entertain copper traders.Despite the recent pullback, COMEX copper prices hold onto the previous day’s upside break of a one-month-old descending trend line, around $4.25, which in turn keeps the buyers hopeful.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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