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Copper declines amid global economic uncertainty

Economies.com
2023-01-23 15:18PM UTC

Copper prices fell on Monday as the dollar rose against a basket of major rivals and amid uncertainty about the global economy. 

 

After her earlier warnings about economic slowdown in a third of the global economy, IMF Chief Cristalina Goergiva expresses optimism that the US economy might just avoid recession.

 

As recession concerns spread, major tech companies like Google, Microsoft, Meta, Twitter, and Amazon announced a big wave of layoff to cut costs. 

 

Otherwise, the dollar index rose 0.2% to 102.2 as of 15:05 GMT, with a session-high at 102.2, and a low at 101.5. 

 

Copper futures due in March shed 0.1% to $4.24 a pound as of 15:59 GMT. 

Oil resumes gains, Brent scales eight-week high

Economies.com
2023-01-23 14:02PM UTC

Oil prices rose in European trade for the third straight session, with US crude hitting seven-week highs and Brent scaling eight-week highs on expectations for stronger Chinese demand. 

 

Prices are also bolstered by a weaker dollar, which makes dollar-denominated commodities cheaper to holders of other currencies. 

 

US crude rose 1% to $82.53 a barrel, the highest since December 5, while Brent added 1.1% to $88.62 a barrel, the best since December 1. 

 

US crude added 1.1% on Friday while Brent climbed 1.5%, the second profit in a row. 

 

Global oil prices rose 2.5% on average last week, the second such weekly profit in a row. 

 

Chinese Demand

 

Most institutions raises the growth outlook for China in 2023 after reopening the economy and easing Covid 19 restrictions.

 

Such strong recovery is expected to boost demand on fuel in the world's largest oil importer. 

 

The International Energy Agency noted that energy markets could tighten this year if the Chinese economy opened up as expected. 

 

The Dollar

 

The dollar index fell 0.4% on Monday, extending losses for the third straight session and almost touching eight-month lows against major rivals. 

 

The decline comes as markets fully price in a smaller 0.25% rate hike by the Federal Reserve in February. 

Dollar hovers near eight-month low on Fed rate prospects

Economies.com
2023-01-23 12:14PM UTC

Dollar fell in European trade against a basket of major rivals for the third straight session, almost touching eight-month lows as investors buy up other currencies with better prospects

 

Markets are now fully pricing in a smaller 0.25% rate hike by the Federal Reserve in February as interest rates approach neutrality. 

 

The Index

 

The dollar index fell 0.4% to 101.59, with a session-high at 102.01, after closing down 0.1% on Friday, the second loss in a row, hitting eight-month lows at 101.52. 

 

The index lost 0.25% last week, the second weekly loss in a row following a spate of negative US data and bearish remarks by the Federal Reserve. 

 

Fed Rates 

 

Pricing for a 0.25% rate hike by the Federal Reserve in February stands at 100%, slowing it down from recent 0.5% rate hikes. 

 

Several Fed officials announced last week their support for a slower pace of policy tightening in the months to come. 

Gold approaches nine-month high as dollar weakens

Economies.com
2023-01-23 09:28AM UTC

Gold prices rose in European trade after a recent hiatus from gains, almost touching nine-month highs as dollar weakens against a basket of major rivals. 

 

Dollar is hovering near eight-month lows on prospects the Fed will tighten policies in a much slower pace, at just 0.25% rather than 0.5%. 

 

Gold Prices Today

 

Gold prices rose 0.5% to $1,935 an ounce, after losing 0.3% on Friday on profit-taking away from nine-month highs at $1,937. 

 

Gold prices rose 0.3% last week, the fifth weekly profit in a row, the longest such streak of weekly gains since June 2020.

 

The Dollar

 

The dollar index fell 0.4% on Monday, extending the losses for the third session, almost touching eight-month lows at 101.52 against a basket of major rivals. 

 

Pricing for a 0.25% rate hike by the Federal Reserve in February stands at 100%, slowing it down from recent 0.5% rate hikes. 

 

The SPDR

 

Gold holdings at the SPDR Gold Trust, rose 4.63 tones on Friday to a total of 917 tones, the highest since December 30. 

Frequently asked questions

What is the price of Copper today?

The price of Copper is $5.0625 (2025-07-06 22:05PM UTC)