KALU - Copper other industrial metals continue lower but equities see bottom-fishing

Copper prices are poised for their biggest weekly fall in more than a year, and other industrial metals also are set for sharp weekly declines, as investors worried that central bank rate hikes could choke global economic growth and cut demand for metals. According to Reuters, benchmark copper (HG1:COM) on the London Metal Exchange recently traded -1.3% at $8,299.50/metric ton after touching $8,220/ton, down nearly 25% from a peak in March and the lowest since February 2021. Some metals-oriented names that have been bludgeoned in recent days are rebounding in early Friday's trading, including (NYSE:FCX) +2.2%, (TECK) +1.3%, (HBM) +3.2%, (AA) +3.6%, (KALU) +3.7%, (CENX) +4.5%, (RIO) +1.7%, (BHP) +2%, (X) +2.7%, (CLF) +3.5%, (NUE) +3.3%, (MT) +1.8%. ETFs: (NYSEARCA:COPX), (CPER), (JJC), (JJCTF) LME tin -13.7% on Friday to $23,285/ton, down more than 50% from a high in March, and nickel -7% at $22,365/ton, its lowest in five months; aluminum

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Copper, other industrial metals continue lower but equities see bottom-fishing