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Copper steadies, but slowdown fears keep investors on edge

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London copper prices edged up on

Wednesday due to a slight pullback in the U.S. dollar, although

fears over a global economic slowdown, higher interest rates and

weak economic readings kept investors on the edge.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange

was up 0.2% at $8,378 a tonne, as of 0238 GMT, after falling

0.6% in the previous session.

* The most-traded August copper contract in Shanghai

eased 0.1% to 63,990 yuan ($9,546.76) a tonne.

* U.S. Federal Reserve policymakers on Tuesday promised

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further rapid interest-rate hikes to bring down high inflation,

but pushed back against growing fears among investors and

economists that higher borrowing costs will trigger a steep

downturn.

* U.S. consumer confidence fell sharply in June as worries

about rapid inflation left consumers anticipating that economic

growth would weaken significantly in the second half of the

year.

* The dollar weakened against most major peers as a decline

in U.S. yields took some sheen off the currency. A weaker

greenback makes dollar-denominated metals less expensive for

buyers using other currencies.

* Mainland China reported 129 new coronavirus cases for June

28, compared with 100 new cases a day earlier, the National

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Health Commission said.

* China’s economy has recovered to some extent, but its

foundation is not solid, state media on Tuesday quoted Premier

Li Keqiang as saying.

* Japan’s May copper exports rise 15.5% year-on-year, while

zinc exports were down 2.5%.

* COLUMN-Copper crushed as funds turn negative on recession

fears: Andy Home.

MARKETS NEWS

* Stocks fell across Asia on Wednesday, extending overnight

losses on Wall Street amid concerns over inflation and high oil

prices.

DATA/EVENTS (GMT)

0900 EU Consumer Confid. Final June

1200 Germany CPI Prelim YY June

1200 Germany HICP Prelim YY June

1230 US GDP Final Q1

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

($1 = 6.7028 Chinese yuan)

(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry

Jacob-Phillips)

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