- July 6, 2022
- Posted by: Stratford Team
- Category: Economy
Producers of metals and other raw materials producers fell sharply as traders dumped commodities, pricing in a global recession.
Copper futures fell 5.4% to $3.43 a pound in New York, to bring losses since its March peak to more than 23%.
A spike in the relative value of the dollar, spurred by global recession fears, weighed on commodities priced in the greenback, including gold and grains.
The dollar rose 1.7% against the euro. The WSJ Dollar Index neared a 20-year high and posted the biggest one-day percentage increase since May 5, according to Dow Jones Market Data.
Brazil’s statistics agency said production increased 0.3% in May from April and grew 0.5% from a year earlier.
Future economic expectations are darkening among U.S. farmers, according to the latest survey conducted by Purdue University and the CME Group.
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(END) Dow Jones Newswires