LONDON - Copper prices dropped to two-month lows on Monday as fears of a global growth slowdown, weaker demand, a higher dollar and climbing stocks in London Metal Exchange registered warehouses sparked a sell-off.
Latest on growth comes from the OECD which said global growth is slowing more than was forecast in the wake of Russia's invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies.Stocks of copper MCUSTX-TOTAL in LME warehouses at 129 000 t are up more than 25% since September 15, while cancelled warrants -- metal earmarked for delivery -- at around 7% compare with 50% in late August.
Source: News Formal (newsformal.com)
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