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Copper Prices Hammered by Bleak Economic Outlook, Gold Dips

By Ambar Warrick AiVIF.com-- The prices of copper and most industrial metals tumbled on Tuesday amid growing concerns over a slowdown in major importer China, while gold...
Copper Prices Hammered by Bleak Economic Outlook, Gold Dips © Reuters.

By Ambar Warrick

AiVIF.com-- The prices of copper and most industrial metals tumbled on Tuesday amid growing concerns over a slowdown in major importer China, while gold prices slipped as safe haven buyers preferred the dollar.

Copper futures dropped 0.4% to $3.859 a pound by 21:28 ET (01:28 GMT), extending sharp losses from Monday on fears of a bigger slowdown in Chinese demand. 

Global commodity markets plummeted after significantly weaker-than-expected industrial production data from China raised concerns over sluggish demand from the world’s largest commodity importer.

Chinese industrial output grew 3.8% in July, which was below expectations of 4.6%, and also lower than June’s reading of 3.9%. The data comes on the heels of several COVID-19 lockdowns across the country, which have severely crimped economic growth this year.

Chinese retail sales also read weaker than expected. Concerns over the economy were further exacerbated by an unexpected interest rate cut by the People’s Bank of China, pointing to extreme pressure on the central bank to support economic growth. 

Aluminum prices slumped 1.2% on Monday, while nickel and zinc lost 4.6% and 0.4%, respectively. 

But major miner BHP Group (NYSE:BHP) said it expects Chinese demand to remain resilient, despite current trends. The miner, which is the world's largest by market capitalization, intends to ramp up its iron ore and copper production on the expectation that metal demand will recover. 

Gold prices edged lower on Tuesday, with the yellow metal also nursing steep losses as safe haven buyers pivoted into the dollar.

Spot gold was flat around $1,779.13 an ounce, while gold futures fell 0.2% to $1,794.1. Both instruments shed about 1% on Monday, while the dollar index surged 0.7%.

Returns on gold, which is considered as a popular inflation hedge, have largely lagged inflation this year, amid volatility in metal markets.

In contrast, the prospect of rising U.S. interest rates have seen traders broadly stick to the dollar as a safe haven.

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29-09-2022 04:40:35 (UTC+7)

EUR/USD

0.9738

+0.0004 (+0.04%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (1)

Sell (5)

EUR/USD

0.9738

+0.0004 (+0.04%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.0887

-0.0001 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

USD/JPY

144.13

-0.03 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.6521

-0.0001 (-0.02%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (7)

USD/CAD

1.3609

+0.0004 (+0.03%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (6)

Sell (0)

EUR/JPY

140.36

+0.03 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

EUR/CHF

0.9501

-0.0001 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

Gold Futures

1,668.50

+32.30 (+1.97%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Silver Futures

18.890

+0.553 (+3.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Copper Futures

3.3805

+0.0970 (+2.95%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (6)

Crude Oil WTI Futures

81.88

+3.38 (+4.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

87.96

+0.19 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Natural Gas Futures

7.022

+0.262 (+3.88%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

US Coffee C Futures

227.80

+3.45 (+1.54%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Euro Stoxx 50

3,335.30

+6.65 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (5)

S&P 500

3,719.04

+71.75 (+1.97%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

DAX

12,183.28

+43.60 (+0.36%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (1)

Sell (4)

FTSE 100

7,005.39

+20.80 (+0.30%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (0)

Sell (6)

Hang Seng

17,250.88

-609.43 (-3.41%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

US Small Cap 2000

1,725.13

+62.62 (+3.77%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

IBEX 35

7,442.20

-3.50 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (5)

BASF SE NA O.N.

39.415

-0.080 (-0.20%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Bayer AG NA

48.19

-0.07 (-0.13%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (4)

Allianz SE VNA O.N.

160.72

-3.02 (-1.84%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

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Adidas AG

130.24

+2.94 (+2.31%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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Sell (1)

Deutsche Lufthansa AG

5.772

-0.024 (-0.41%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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Siemens AG Class N

99.46

+1.54 (+1.57%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (0)

Deutsche Bank AG

7.854

-0.274 (-3.37%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

 EUR/USD0.9738Neutral
 GBP/USD1.0887↑ Buy
 USD/JPY144.13↑ Buy
 AUD/USD0.6521Sell
 USD/CAD1.3609Neutral
 EUR/JPY140.36↑ Buy
 EUR/CHF0.9501↑ Buy
 Gold1,668.50↑ Buy
 Silver18.890↑ Buy
 Copper3.3805↑ Sell
 Crude Oil WTI81.88↑ Sell
 Brent Oil87.96↑ Buy
 Natural Gas7.022Neutral
 US Coffee C227.80↑ Sell
 Euro Stoxx 503,335.30Neutral
 S&P 5003,719.04↑ Sell
 DAX12,183.28Neutral
 FTSE 1007,005.39Neutral
 Hang Seng17,250.88Buy
 Small Cap 20001,725.13↑ Buy
 IBEX 357,442.20Neutral
 BASF39.415↑ Buy
 Bayer48.19Neutral
 Allianz160.72↑ Buy
 Adidas130.24↑ Buy
 Lufthansa5.772↑ Buy
 Siemens AG99.46↑ Buy
 Deutsche Bank AG7.854↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,410/ 6,510
(0/ 0) # 1,818
SJC HCM6,420/ 6,520
(0/ 0) # 1,831
SJC Hanoi6,420/ 6,522
(0/ 0) # 1,833
SJC Danang6,420/ 6,522
(0/ 0) # 1,833
SJC Nhatrang6,420/ 6,522
(0/ 0) # 1,833
SJC Cantho6,420/ 6,522
(0/ 0) # 1,833
Cập nhật 29-09-2022 04:40:37
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ↀ Giá vàng thế giới
$1,659.90+30.791.89%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V23.26023.720
RON 95-III22.58023.030
E5 RON 92-II21.78022.210
DO 0.05S22.53022.980
DO 0,001S-V24.51025.000
Dầu hỏa 2-K22.44022.880
ↂ Giá dầu thô thế giới
WTI$81.51-3.33-4.25%
Brent$87.71-3.39-4.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.580,0023.890,00
EUR22.159,1623.399,49
GBP24.732,3625.786,46
JPY159,76169,13
KRW14,2317,34
Cập nhật lúc 17:55:10 28/09/2022
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