Copper price licks it wounds as China’s return jostles with inventory play, recession woes – by anilpanchal7 Copper RiskAppetite Fed Recession Metals
w the metal sellers to take a breather during Monday’s sluggish Asian session. Also favoring the corrective pullback could be the mixed headlines from China and inventory updates for the industrial metal.
On the other hand, mainland China reported zero covid cases for the second day in a row and favored the corrective pullback in the metal prices. Further, the People’s Bank of China’s lower USD/CNY fix of 7.0992, versus the market’s expectations of 7.1215 and the 7.1211 previous close, also underpin the metal’s rebound.
Even so, the CME’s FedWatch tool signals the 78% chance for the US central bank’s 75 bps rate hike in November, which in turn weigh on the metal prices, especially amid the recession fears. The increased hawkish bias for the Fed could be linked to Friday’s upbeat US jobs report, as well as thepolicymakers’ rejection to respect the recession woes while terming the task of cooling inflation as the top priority.
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