Categories: Markets

Copper is below $ 9,000 a tonne for the first time since October

Copper is below $ 9,000 a tonne for the first time since October

Copper has fallen below $ 9,000 a tonne for the first time since October, while other metals are falling amid growing concerns about weakening global demand.

As often seen as a barometer for the global economy, copper has fallen from a record high in March as investment focus shifts from limited supply concerns to lower consumption.

Fears are growing that US monetary tightening, shaky European economies and austerity measures in China will hit demand for metals.

Copper fell 4.3% in London as the climate worsened in the markets, while tin fell more than 10%, which is the highest in two months.

Copper has fallen about 18 percent since early March, when the outbreak of war in Ukraine heightened supply concerns due to dangerously low stocks.

Prices have also risen to a record high amid expectations that green growth will boost consumption in cities and electric vehicles.

Now, however, rising US inflation has boosted the chances of the central bank easing price pressures, heightening concerns about a recession.

Copper fell 4.2% to $ 8,946 a tonne, while tin was at its lowest level since September.

Other metals also traded lower, with zinc falling 3.8% and aluminum 1.4%.

Source: Capital