On the London Exchange, copper prices fell .6% to $7,261 a tonne, zinc fell 2.4% to $2,934 a tonne and lead fell 1.0% to $2,012.5 a tonne. On the Shanghai Exchange. Hai, Nickel price increased 3% to CNY 159,650/ton, lead price increased 1.2% to CNY 15,245/ton and tin price increased 2.7% to CNY 193,560/ton.

Copper prices on the London exchange on July 22, 2022 fell as the market raised concerns about the risk of an economic recession after the European Central Bank (ECB) raised interest rates.
Home prices in the US starting in June fell to their lowest levels since September 2021 amid inflation as soaring mortgage rates dented affordability.
On the London bourse, three-month copper futures fell 1.6% to $7,261 a tonne, while the August 2022 contract on the Shanghai Futures Exchange fell 0.3% to 56,180 yuan. equivalent to 8,304.14 USD)/ton.
Copper is often used as a measure of global economic health. On the London exchange, prices of other metals also changed, such as: Zinc fell 2.4% to $2,934 per tonne and lead fell 1.0% to $2,012.5 per ton.
On the Shanghai trading floor, nickel prices increased 3% to CNY 159,650/ton, lead price increased 1.2% to CNY 15,245/ton and tin price increased 2.7% to CNY 193,560/ton.
Weak demand in China, the world’s largest consumer of the metal, also affected prices. Strict Covid-19 restrictions in China have dampened market confidence in a rapid metal demand recovery.
The ECB raised interest rates for the first time since 2011, causing its deposit rate to rise by 50 basis points to 0%, double the level expected at the previous meeting.
The metals market has been hit by the macro economy, with fears of a global slowdown continuing to fuel the bearish sentiment, said He Tianyu, copper demand analyst at CRU Group.
China’s Premier Li Keqiang said the recovery of China’s economy from the recent period of weakness has not yet been firmly established and greater efforts are needed to stabilize economic activity. shared.
The focus of the market right now is on demand destruction as recession risks increase, said analyst Carsten Menke. While he doesn’t expect a global recession, Menke added that the growing bearish sentiment means prices could fall further.

Futures trading price list of some metals on the Shanghai Exchange (Unit: CNY/ton).