Copper takes a hit amid U.S. banking crisis

MG News | March 24, 2023 at 08:59 AM GMT+05:00

0:00

March 24, 2023 (MLN): In the midst of market volatility caused by the U.S. banking crisis, copper prices have taken a hit, according to a note by ANZ analysts.

The U.S. Federal Reserve's decision to pause rate increases amid the turmoil could potentially boost the prices of the metal. ANZ also noted that a weakened U.S. dollar could offer support to copper prices.

As of now, the three-month forward LME copper contract has fallen by 0.5% to $8,984 a metric ton.

However, all eyes are on the Federal Reserve's next move, as it could have a significant impact on the market.

Copper is an important metal that is widely used in various industries, including construction and electronics.

The U.S. banking crisis has sparked concerns about the health of the global economy, which in turn has impacted the prices of various assets, including copper.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	174,054.32 414.47M	-0.24% -418.47
ALLSHR	104,614.51 954.56M	-0.04% -36.82
KSE30	53,302.93 170.17M	-0.35% -187.58
KMI30	248,539.23 176.46M	-0.45% -1124.66
KMIALLSHR	67,872.78 518.91M	-0.25% -166.70
BKTi	48,390.43 34.49M	0.05% 22.29
OGTi	34,888.42 15.94M	0.06% 21.04

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	88,120.00	89,705.00 87,470.00	-140.00 -0.16%
BRENT CRUDE	60.91	61.92 60.63	-0.42 -0.68%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	0.65 0.75%
ROTTERDAM COAL MONTHLY	96.75	0.00 0.00	0.20 0.21%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	57.41	58.55 57.20	-0.54 -0.93%
SUGAR #11 WORLD	14.95	15.22 14.80	0.11 0.74%