Base Metals Preview: Copper Drops To Near Two-Week Low Amid China COVID Concerns

21 Nov 2022 , 08:49 AM

Copper futures dropped amid choppy equities amid news of fresh COVID-19 restrictions in China. Copper bore the brunt of the selling as authorities locked down part of the manufacturing hub of Guangzhou for five days and urged residents of the sprawling Chaoyang district to remain at home. The red metal is lingering at its lowest level in nearly two weeks in early Asia on Monday. COMEX copper is down 0.73% at $3.60 per pound. China on Sunday announced its first new death from Covid-19 in nearly half a year as strict new measures are imposed in Beijing and across the country to ward against new outbreaks.Powered by Commodity Insights