BHP - Base metals tumble as weak manufacturing data sparks slowdown concerns
Copper and aluminum prices fell to three-month lows on Tuesday, on worries over softening demand in light of slowing manufacturing activities in China and the U.S., along with a stronger dollar, expected interest rate hikes in the U.S., and the war in Ukraine, which is pushing up energy prices and hurting industry. London Metal Exchange benchmark copper (HG1:COM) recently traded -2.5% at $9,525.50/metric ton, and aluminum (LMAHDS03:COM) also -2.5% at $2,975/ton; copper is now down 12% from its March high of $10,845 and aluminum has dropped 25% from its peak of $4,073.50. Potentially relevant tickers include (RIO), (BHP), (VALE), (FCX), (TECK), (SCCO), (HBM), (AA), (CENX), (OTCQX:FSUMF), (OTC:ANFGF), (OTCPK:GLCNF), (OTCPK:GLNCY), (OTCQX:AAUKF), (OTCQX:NGLOY) ETFs: (COPX), (CPER), (JJCTF), (JJC), (JJU) "Sentiment has become gloomier," Commerzbank's Daniel Briesemann said, according to Reuters. Also, the International Copper Study Group issued a new forecast for a global copper market surplus of 142K metric tons this year
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Base metals tumble as weak manufacturing data sparks slowdown concerns