Copper prices were trading down on Tuesday, October 12 as rising energy costs raised concerns that the global economic recovery would be derailed, with stock market declines, but the decline was contained by signs of a lower offer.
The red metal at three months in the London Metal Exchange (LME) was down 0.4% to $ 9,505 a ton, breaking a three-day winning streak.
JP Morgan He warned that logistical bottlenecks have brought copper stocks down to “historically low” levels in regions that use the metal. Which would imply an upward risk in the short term, although they acknowledged that the offer remained solid.
“We maintain a bearish bias in prices and forecast an average of $ 8,900 per ton in the fourth quarter of 2021 and that prices will fall again to an average of $ 8,200 per ton in the fourth quarter of 2022,” said the finance company. in a note quoted by Reuters.
On the other hand, China Evergrande Group defaulted on its third round of bond payments in three weeks, intensifying market fears about contagion.
For its part, gold rose as rising inflationary fears weighed on investors’ risk appetite, and a decline in US Treasury yields. USA added to the allure of the non-performing ingot.
Gold spot metal rose 0.4% to $ 1,761.41 an ounce, while US gold futures rose 0.4% to $ 1,762.40.
With information from Reuters.
.
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
