Copper prices extended declines on
Thursday to a 16-month low on COVID-19 concerns in China and
mounting worries that aggressive U.S. interest rate hikes would
tip the global economy into recession, slashing metals demand.
* Three-month copper on the London Metal Exchange
fell 2% to $8,600 a tonne by 0228 GMT, after dropping to its
lowest since Feb. 19, 2021 at $8,564.50.
* The most-traded July copper contract in Shanghai
slipped 3.2% to 65,840 yuan ($9,808.13) a tonne, its lowest
* The Federal Reserve is not trying to engineer a recession
to stop inflation but is fully committed to bringing prices
under control even if doing so risks an economic downturn, U.S.
central bank chief Jerome Powell said on Wednesday.
* A Reuters poll showed the Fed will deliver another
75-basis-point interest rate hike in July, followed by a
half-percentage-point rise in September.
* Mainland China reported 135 new coronavirus cases for June
22, compared with 126 new cases a day earlier, the National
Health Commission said.
* Japan’s factory activity growth slowed in June as China’s
strict COVID-19 curbs took a toll on manufacturing demand.
* A community in Peru’s Andes mountains on Wednesday
suspended their blockade of a highway used by MMG Ltd’s Las
Bambas copper mine, agreeing to negotiate with the government
and the company over the road’s use, one of the community’s
* Workers at Chilean state-owned mining giant Codelco, the
world’s largest copper producer, launched a major strike on
Wednesday to protest the closure of a smelter over environmental
issues, though the government downplayed the impact on
* The global nickel market deficit narrowed to 200 tonnes in
April, compared with a shortfall a month earlier of 8,900
tonnes, data from the International Nickel Study Group showed.
* Asian shares wobbled while commodity prices fell on
Thursday as mounting worries about the risks of a global
recession kept broad investor sentiment fragile.
0715 France S&P Global Mfg, Serv, Comp Flash PMIs June
0730 Germany S&P Global Mfg, Serv, Comp Flash PMIs June
0800 EU S&P Global Mfg, Serv, Comp Flash PMIs June
0830 UK Flash Comp, Mfg, Serv PMIs June
1230 US Initial Jobless Clm Weekly
1345 US S&P Global Mfg, Serv, Comp Flash PMIs June
Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1 = 6.7128 Chinese yuan renminbi)
(Reporting by Brijesh Patel in Bengaluru; editing by