Metals Downturn Continues

Metals extended their biggest daily plunge this year, buffeted by signs of ample supplies of copper, concern over the outlook for demand in China and a stronger dollar. Iron ore futures plunged in Dalian, steel tumbled in Shanghai and mining shares slid to the lowest level in four months.

Three-month copper lost 0.7 percent to $5,560 a metric ton on the London Metal Exchange by 2:47 p.m. in Singapore, after sinking 3.5 percent on Wednesday as stockpiles tracked by the LME jumped by the most in almost two months. Nickel fell 2 percent, adding to a 3 percent slide a day earlier. Iron ore and steel futures in China slumped the maximum daily limit.

Metals have come under pressure after data this week signaled a slowdown in China’s manufacturing sector, with the LMEX Index tumbling 2.5 percent on Wednesday, the most since November. The sell-off was also spurred after lawmakers in the Philippines rejected the appointment as Environment Secretary of Gina Lopez, who driven a mining crackdown. U.S. central bankers kept to their outlook for gradual monetary-policy tightening.

Bloomberg

Europe Boosted as Macron Retains Large Poll Lead

The FOMC provided some unexpected impetus

Gold Dips as Markets Await Fed Rate Statement

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.