Base Metals Preview: Copper Holds Under $3.50 Mark

28 Oct 2022 , 09:21 AM

Copper futures were down by nearly 1%, under $3.50 mark following a brief recovery above the level overnight. Markets fretted as Chinese cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a scramble to halt widening outbreaks. China on Thursday reported a third straight day of more than 1,000 new COVID cases nationwide, a modest tally compared with the tens of thousands per day that sent Shanghai into a full-blown lockdown earlier this year but enough to trigger more curbs and restrictions across the country. COMEX copper futures were currently down 0.94% at $3.48 per pound. Powered by Commodity Insights