Copper Crashes Around 2% As Chinese Covid Fears Hurt Sentiments

28 Oct 2022 , 02:47 PM

COMEX Copper futures tumbled today as equities pulled back and markets eyed renewed worries on the Covid front in China. Wuhan locked down one of its central districts after Covid cases were found, as China persists with a zero tolerance approach to the virus almost three years after the pathogen first emerged in the city. The equities slipped in Asia and Europe and COMEX Copper futures extended losses from a three week top. The red metal currently quotes at $3.45 per pound, down around 2% on the day. Copper has also been hurt by falling Lumber futures which tested near two week low and are down more than 4% today. Sliding Lumber futures are indicating poor state of affairs in the housing market.Powered by Commodity Insights