Copper price lowest since November 2020 on economic slowdown worries
Prices extended decline as aggressive interest rates, a spike in covid-19 cases in China, potential recession, and rising inventories weighed on investor sentiment.
Outlook for demand deteriorated after the US Federal Reserve’s large rate hike fueled worries about recession and data from China indicated weak growth.
Nickel prices will edge higher in Q322 as Chinese stimulus measures improve the demand outlook and the Russia- Ukraine war continues to disrupt supply, says Fitch.
"Fresh lockdowns and mass testing in Beijing, Shanghai, and now Inner Mongolia is the realization of the ferrous market's worst fears," said Atilla Widnell, managing director at Navigate Commodities.