copper price dropping fast due to the following factors
Economic Factors
1. Interest Rate Concerns: The Federal Reserve's hawkish cut has strengthened the US dollar, making copper more expensive for buyers using other currencies.
2. Global Economic Slowdown: Concerns about a potential global economic slowdown, particularly in China, have led to decreased demand for copper.
3 Increased Supply: Copper production has increased, leading to a surplus in the market.
4. Decreased Demand: Weaker demand from China, the world's largest copper consumer, has contributed to the price drop.
Market Sentiment
1. Risk Aversion: Investors have become more risk-averse, leading to a decrease in demand for copper and other commodities.
2. Technical Selling: Copper prices have broken through key technical levels, triggering stop-loss orders and accelerating the price decline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.