Copper prices suffered their biggest one day drop since the 2008/09 financial crisis as investors viewed the huge stimulus measures as having little impact on demand, economists at ANZ Research brief.
Key quotes
“The red metal fell through USD5000/t, with little signs of a recovery in the short term. A stronger USD is also impacting investor appetite.”
“The one ray of hope remains China. Considering it consumes more than half the world’s copper, demand could find some support.”
“However, this rebound may be muted if Chinese export driven remains weak.”
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