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Copper prices tumble after encountering resistance near $3.60; DXY completes correction

Alina Haynes

Aug 30, 2022 11:49

 截屏2022-06-16 下午3.13.52_1024x576.png

 

Copper prices are falling sharply after detecting selling pressure near the crucial $3.625 barrier during the Asian session. The asset's pullback move after hitting a low of $3.5715 on Monday is losing momentum, and the end of the pullback move indicates a new leg of selling is imminent.

 

The basic metal is anticipated to continue under the control of bears in light of bearish market mood. The US dollar index (DXY) is poised for a fresh upward surge as investors have begun buying the DXY in response to Federal Reserve (Fed) chair Jerome Powell's hawkish remarks on interest rate guidance at the Jackson Hole Economic Symposium.

 

After the Federal Reserve (Fed) favored inflation fix above lower growth estimates, the risk-off market sentiment has supported the DXY. The DXY is anticipated to surpass its 20-year high of 109.29, set on July 14.

 

Taking into account the essential core concepts, the decision to address inflation turmoil before optimism looks mature. The US inflation rate is soaring, and a single indication of tiredness is insufficient to allow Fed policymakers to lay back and relax.

 

On the China front, the recurrence of Covid-19 cases has heightened fears of an economic slowdown in China. The news from Reuters that China recorded 1,344 new asymptomatic coronavirus cases on the mainland on August 28, up from 1,137 the previous day, has sparked worries of a lockdown to restrict the disease's spread. Copper prices may be weighed down by a forecast of weak demand.

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