Copper price falls amid demand problems in China

Strengthening US Dollar and Renewed Covid-19 Concerns in China

copper cable

The price of copper tumbled on Monday as a stronger US dollar and renewed demand worries from a partial lockdown in China weighed on sentiment.
Copper for July delivery fell 2.7% from Friday's settlement to hit $4.17 a pound ($9,188 a tonne) on Monday morning in New York's Comex market.
The most traded July copper contract in Shanghai fell 0.5% to 72,490 yuan ($10,831.53) a tonne.
Beijing has been keen to contain the "ferocious" outbreak, with millions facing mandatory testing and thousands under targeted lockdowns after the capital recently eased restrictions.
Mass testing has also been announced in the commercial hub of Shanghai following a recent two-month lockdown, while an outbreak has been detected in Inner Mongolia.
China's industrial inflation slowed in May due to weak demand for steel, aluminum and other key industrial commodities due to tight COVID-19 restrictions, according to official data released on Friday.

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