Base Metals Preview: Copper Prices Dip Amid Demand Concerns

10 Jun 2022 , 09:08 AM

Renewed worries over demand due to partial lockdowns in top metals consumer China weighed Copper prices. Shanghai and Beijing went back on fresh COVID-19 alert on Thursday after parts of Chinas largest economic hub imposed new lockdown restrictions and the city announced a round of mass testing for millions of residents. Moreover, Chinas factory-gate inflation cooled to its slowest pace in 14 months in May, official data showed on Friday, depressed by weak demand for steel, aluminium and other key industrial commodities due to tight COVID-19 curbs. COMEX copper dropped to $4.36 per pound, having topped to $4.45 yesterday. Meanwhile, the dollar was at a three-week high against its rivals, making greenback-denominated metals more expensive for buyers using other currencies. The dollar index, which measures the greenback against six peers, was steady at 103.20 after a 0.7% overnight gain tracking 10-year Treasury yields that held steady at the key 3% threshold. Powered by Commodity Insights