Copper prices fell on concerns about weak demand, but then rose when short positions were closed

After prices fell on worries about weak demand, copper rose yesterday by 0.41% to close at 742.2. After China’s reopening, investors were unimpressed by the volume of purchases made there. Given the lack of demand for physical delivery, the Yanghsan copper premium has been more than cut in half since mid-March to $23 a tonne….

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Over half of PLI money are spent on electronics and mobile devices.

According to government estimates, major electronics manufacturers, including those that produce mobile phones, have received more than half of the $2,875 crore in disbursements made so far under the government’s Production Linked Incentive (PLI) scheme for 14 industries. Much of the remaining market was dominated by pharmaceuticals and food items. There are 1.97 lakh crores…

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As weak U.S. data fueled concerns about a recession, crude oil fell

Yesterday, crude oil fell -1.58% to settle at 6235 as concerns about a potential recession in the world’s largest economy were stoked by disappointing U.S. data. Signs of strengthening short-term consumption growth are being countered by pressure witnessed amid ongoing economic concerns and anticipation of more interest rate hikes that could restrain fuel demand growth….

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