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Copper steadied near its four-month low as a worsening economic outlook keep sentiment depressed, ANZ commodity strategists note. Copper hit by a selloff across risk assets “Fear of a US recession added to concerns over soft industrial activity in China. Prices for Copper and the broader base metal market were hit hard earlier this week by a selloff across risk assets.” “The unwinding of the JPY carry trade could have unexpected implications for Copper. The use of cheap funding in Japan appears to have fuelled a rally across risk assets over the past couple of years.” “Copper hit a record high earlier this year; but this month’s sharp moves lower in the JPY combined with concerns of a hard economic landing in the US could lead to further downside for Copper in the short term.” Source: https://www.fxstreet.com/news/copper-fear-of-a-us-recession-ads-to-concerns-over-industrial-activity-in-china-anz-202408091203

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Filed under: News - @ August 9, 2024 7:26 pm