Copper price down on China demand concerns
Copper prices dipped on Thursday hit by concerns over demand in China, which is grappling with the worst resurgence of covid-19 cases since early 2020.
Copper for delivery in May fell 0.4% from Wednesday’s settlement price, touching $4.732 per pound ($10,410 per tonne).
The most-traded May copper contract on the Shanghai Futures Exchange was down 0.4% at 73,360 yuan ($11,552.57) a tonne.
China’s factory activity contracted in March as the economy faced renewed downward pressures from stringent covid-19 controls.
The country’s pledges to shore up its embattled property sector have done little to boost prospects for the sector, according to developers.
China will roll out policies to stabilise the economy as soon as possible as the downward pressure in the economy increased, state media CCTV quoted a cabinet meeting as saying on Wednesday.
