At a low of nine months the copper

Copper prices plunged to a nine-month low on Monday as central banks in the US and Europe rushed to raise interest rates to tackle inflation sparked concerns about the risk of a global recession weakening demand for industrial metals.

Copper in the LME is down 0.4% at $ 8,930 a tonne, while earlier it fell to its lowest level since September 21 at $ 8,830.

“A market situation has emerged with high risk aversion as central banks raise their interest rates to tackle inflation,” SP Angel analyst John Meyer was quoted as saying by Reuters. Investment psychology is also plagued by concerns about a slowdown in demand in China due to the zero-sum COVID-19 policy that the authorities continue to apply.