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Copper prices fell on Monday to 17-month high in China due to new COVID restrictions, a reduction in global production and a boom in demand.
Benchmark copper in the London Metals (LMI) fell by 0.8% in 1602 GMT by 7,982 tons. The price of steel used in power and construction has dropped to $ 7,918, the lowest since February 2021.
“Chinese manufacturers have had a bad time. People are afraid of inflation and downturn, but the chances of a decline are less than 50%,” said Dan Smith, director of product market analysis.
“The market has to look for a floor, but industrial metals are starting to look good.”
CVID-DEFENSE – Cities in eastern China tightened COVID-19 restrictions on Sunday, creating a new threat to the country’s economic recovery under a strict zero-covide policy.
Movements in the wake of global manufacturing boom in June have led consumers to be wary of rising prices and a dark economic outlook, and Russia’s invasion of Ukraine has disrupted supply chains, according to studies.
Inventors’ LEME-approved warehouses Copper stock jumped 10,100 tons to 136,950 tons. They increased by more than 20% last week.
Inflation, hitting economic activity Inflation and interest rates are expected to increase by another 75-point basis this month, with the Federal Reserve in many countries, including the United States.
Position Marx Analysis estimates that short copper fields – low-cost bets – are as big as China’s economic growth in 2015 when it was nearly 25-years low.
By the end of June 30, the short-term copper shortfall of 1.5 million or 43.6% was 3.1 million tonnes and in 2015 it was 72.2% and about 1 million tons and 29.8% on June 23, Marx said.
Other metals rose aluminum from 0.6% to $ 2,460, zinc rose 2.1% to $ 3,094, lead rose 0.8% to $ 1,951, tin increased $ 26,650 and nickel 3.1% to $ 22,500 per ton.
(Reported by Pratima Desay, additional report by Bridgesh Patel in Bengalru, Jason Nilly, Louise Havens and Allison Williams)
(This story has not been edited by Business Standard staff and is automatically created from integrated feeds.)
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