Copper is hit by both hike of I/R and China decision
20-06-2021
In the past week, some of the inflationary pressure in the market dissipated with a major sell-off across the commodities complex. The Fed’s policy talk helped spur a surge in the dollar, which was part of the reason for the selling.
But the first catalyst was a move by China to cool the hot commodities markets. Reuters reported that a Chinese government agency planned to release reserves of aluminum, copper and zinc caused the price to plunge.
TP: $3.85
In the past week, some of the inflationary pressure in the market dissipated with a major sell-off across the commodities complex. The Fed’s policy talk helped spur a surge in the dollar, which was part of the reason for the selling.
But the first catalyst was a move by China to cool the hot commodities markets. Reuters reported that a Chinese government agency planned to release reserves of aluminum, copper and zinc caused the price to plunge.
TP: $3.85