Copper Prices Plummet on Hawkish Fed Remarks

Copper prices have fallen by 1.68% to $6.5963 after Federal Reserve Chair Kevin Warsh hinted at possible interest rate hikes if inflation remains high.

This hawkish stance has led to increased expectations of a stronger US dollar, making industrial metals like copper less attractive for global buyers and pressuring prices.

The technical outlook suggests that the price is likely to consolidate within the $6.4844 to $6.7082 range over the next two to three trading days, with a higher probability (57%) of a downward move in the short term.