Business News Asia
Copper futures closed lower on Tuesday (Oct. 18) as investors worried about falling Chinese demand. Chinese President Xi Jinping had reiterated his stance on the zero COVID policy, which will affect economic activity and demand for copper.
The copper contract fell 5 cents, or -1.6%, to $3.362 per pound.
President Xi’s reaffirmation of his zero COVID policy stance at the Chinese Communist Party (CCP) General Assembly contrasts with market expectations that China will ease its restrictive measures.
Demand concerns have overshadowed positive developments, with Chilean copper production falling 10.2% to 415,500 tons in August.