Base Metals Preview: Copper Prices Stay Below $3.50 Per Pound

11 Jul 2022 , 08:58 AM

Copper prices extended further decline near two-year lows on recession fears coupled with resurfacing Covid worries. With lockdowns in China and mounting recession fears weighing on the commodity market, the industrial metal has experienced an immense amount of pressure from demand disruptions, driving prices back to levels last tested in November 2020. Copper is down 1.73% at $3.45 per pound. Asia Pacific stocks were down on Monday morning as a new wave of COVID-19 outbreak in China exacerbated overarching worries about the global economic outlook. The Chinese mainland recorded 101 confirmed COVID-19 cases on Saturday, with 65 attributed to local transmissions and 36 from overseas, data from the National Health Commission showed on Sunday. Powered by Commodity Insights