Copper: Fear of a US recession ads to concerns over industrial activity in China – ANZ
Source Fxstreet
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.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Bitcoin options open interest hit $74.1B vs. $65.2B futures as BTC trades at $93,189; Checkonchain flags IBIT/Deribit concentration and a 15% hashrate drop.
Ethereum Price Forecast: ETH faces heavy distribution as price slips below average cost basis of investorsEthereum (ETH) extended its decline on Wednesday, dropping more than 5% over the past 24 hours toward the $2,100 level, which is below the $2,310 average cost basis or realized price of investors, according to CryptoQuant's data.
Ethereum (ETH) extended its decline on Wednesday, dropping more than 5% over the past 24 hours toward the $2,100 level, which is below the $2,310 average cost basis or realized price of investors, according to CryptoQuant's data.
Bitcoin plunges 11% to break $65k as analysts term the crash "structural," citing a $1 trillion market wipeout and $2.09 billion in daily liquidations.
Gold Price Forecast: XAU/USD falls below $5,050 as traders await US jobs data Gold price (XAU/USD) attracts some sellers near $5,035 during the early Asian session on Tuesday. The precious metal edges lower amid improved risk sentiment and some profit-taking. Traders brace for key US economic data later this week, including delayed employment and inflation reports.
Gold price (XAU/USD) attracts some sellers near $5,035 during the early Asian session on Tuesday. The precious metal edges lower amid improved risk sentiment and some profit-taking. Traders brace for key US economic data later this week, including delayed employment and inflation reports.
Related Instrument
