Copper takes a hit amid U.S. banking crisis
MG News | March 24, 2023 at 08:59 AM GMT+05:00
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.
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