Copper Prices Fall After China Imposes New Lockdowns

Copper prices tumbled Thursday after parts of Shanghai began to impose new coronavirus lockdown restrictions.

Entertainment venues and internet cafes in Beijing’s largest Chaoyang district, home to more than 3 million people, were ordered to close on Thursday after a bar-related outbreak was detected.

The copper contract for July delivery was down 1.8% from Wednesday to $4.374 a pound ($9,623 a tone).

China’s exports grew in May. This is a sign that the world’s second-largest economy, hit by coronavirus controls, is recovering.

Copper imports in May remained at the lowest level since the beginning of the year. At the same time, copper concentrate purchases reached a record high of 2.19 million tons as domestic smelting capacities were further expanded.

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