Copper prices slumped to their lowest in nearly two months on Wednesday after recent weak economic data reinforced demand fears while a looming central bankers conference focuses attention on interest rates.
China is expected to keep its benchmark lending rate unchanged for the 16th straight month at its August fixing on Friday, but some traders and analysts believe a cut may be needed soon amid signs the country's economic recovery is losing steam, a Reuters survey showed.
The Central Bank of Sri Lanka (CBSL) became the first in Asia on Thursday to raise interest rates since the pandemic began, as it acted to stem inflationary pressures and high imports, one of the factors behind the rupee's 8% depreciation this year.