Copper yesterday settled down by -0.88% at 700.2 as the U.S. dollar firmed and caution prevailed ahead of major central bank meetings that could provide further clues on prospects of global economic growth and metals demand. However, investors expected China’s easing of its COVID-19 restrictions would boost global economic growth and metals demand. Investors are bracing for a half-percentage-point rate hike from the Fed this week, a step down from its recent series of three-quarter-point increases. Global miner Anglo American (LON:) Plc on Friday cut its production estimate for 2023 because of deteriorating ore grades at its Chilean mines, and trimmed the higher end of its output target for 2022.
Visible copper inventories remain low, with Goldman Sachs (NYSE:) predicting a supply deficit in 2023 and prices at $11,000 in a year. China produced 899,600 mt of copper cathode in November, down 0.2% MoM but up 8.9% YoY. The output was…
