While portraying the mood of the metal traders, the Copper Futures in COMEX drop 1.24% intraday as it reverses from the highest levels since late June to $3.88 by the press time. On the same line, Reuters conveyed that a three-month Copper contract on the London Metal Exchange was down 0.4% at $8,453 a tonne by 05:43 GMT.
The red metal began the week on a positive side while tracking the weekend announcements from China suggesting a further easing of the Covid controls and measures taken to ease the pain of the real estate market by a 16-point plan. However, comments from US Federal Reserve Governor Christopher Waller, as well as gloomy statements from the International Monetary Fund , exerted downside pressure on the market’s sentiment and the Copper price.
Fed’s Waller said, “Rates will not fall until there is ‘clear, strong evidence’ inflation is falling,” which in turn curtailed the dovish bets on the Fed’s next moves. The policymaker, however, also mentioned that the Fed can begin to consider moving at a slower pace.
Elsewhere, anxiety ahead of the Group of 20 Nations meeting in Bali, especially the meeting between US President Joe Biden and his Chinese counterpart Xi Jinping, also exerts downside pressure on the metal prices. Ahead of the event, up for taking place around 09:30 AM GMT, Reuters quotes US President Biden as saying that the US communication lines with China would stay open to prevent conflict, with tough talks almost certain in the days ahead.
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