The prices copper continues to rise and is close to hitting record highs due to the global decline generated by the world energy crisis and that is already beginning to touch exporting countries such as Chile and Peru.
Thus, for the seventh day in a row, the red metal futures rose in the Chicago Stock Exchange, with 0.3% at US $ 4.74 a pound. While in the London Metal Exchange (LME), the malleable fell 0.52% to US $ 7.73 a pound.
In this way, investors are already starting to look for other safe haven assets. Similarly, some banks have begun to re-evaluate their projections, such as Bank of America (BofA), which has recently indicated that copper will exceed the barrier of US $ 5 per pound.
Meanwhile, spot gold fell 0.2% to $ 1,764.40 an ounce, while US gold futures were little changed at $ 1,767.60.
This occurs after investors took refuge in the dollar due to mounting inflationary pressures and when a rebound in the yields of the US bonds added to the pessimistic mood.
“A stronger dollar carries more weight as a safe haven due to the angle of inflation, raising expectations that the Federal Reserve will start to decline and even set the time to increase interest rates sometime next year,” Ricardo Evangelista, a senior analyst at ActivTrades, told Reuters.
“Although gold could get a stronger supply due to growing fears of stagflation, the rise in the precious metal has yet to overcome the fear of rising Treasury yields,” said Han Tan, chief market analyst at Exinity.
Market participants increasingly expect the Federal Reserve (Fed) begin to reduce asset purchases shortly after the robust rise in consumer prices in EE. UU.
With information from Reuters.
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