- May 13, 2022
- Posted by: Stratford Team
- Category: Economy
Molten copper flows into molds at a smelting plant of Wuzhou Jinsheng Copper Co Ltd. Photograph: VCG/Getty Images
Recession fears have also hurt copper, seen as a good measure of the health of the global economy.
Copper is trading around a seven-month low in London today, at around $9,051 per tonne.
That puts copper on track for its sixth weekly fall in a row, due to fears that a global economic slowdown will hit demand.
Cryptocurrency prices are recovering some ground this morning.
Bitcoin (still over $30,000) and Etherium are both up around 9% over the last 24 hours, but that only recovers a little of this week’s heavy losses.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says the dust seems to be settling in cryptocurrencies.
Terra and Luna are now worth almost nothing and probably won’t regain the investors’ confidence, and Tether, another stable coin had a mini crash to 0.95, BUT it recovered fast before things got serious, and Bitcoin…