- June 19, 2021
- Posted by: Stratford Team
- Category: Business
Applico CEO Alex Moazed discusses the Fed weighing future inflation.
Copper got crushed this week in what seems to be a perfect storm for the industrial metal.
Prices dropped 8.35%, the biggest percentage pullback since March of 2020 as tracked by Dow Jones Market Data Group. Front-month COMEX Copper for June delivery lost 37.90 cents per pound, closing at $4.1625.
China announced plans to release copper, as well as aluminum and zinc from the country’s reserves, according to the National Food and Strategic Reserves Administration. The move is the first in about a decade, according to Reuters. The move was made to help replenish a market that has been met with strong being drive by the post-pandemic recovery.
Ticker Security Last Change Change %CPER UNITED STS COMMODITY INDEX FD COM UNIT REPSTG U S COPPER 25.50 -0.21 -0.82%COPX GLOBAL X COPPER MINERS ETF 34.67 -0.23 -0.66%
Adding to the selling, the Federal Reserve signaled it will begin to…
