Investors are fretting over a range of threats to demand. miningnews
After a 4.2% slump on Tuesday to its lowest close in 19 months, copper fell almost 5% on Wednesday, before paring some losses. Aluminum climbed while nickel and tin sank.“Copper’s caught a bit of a bid that’s lifted it off the lows, but we’re certainly expecting more downside,” Geordie Wilkes, head of research at Sucden Financial Ltd., said by phone from London.
A fresh round of mass virus testing in Shanghai underscored concerns that China’s Covid Zero policy will complicate the recovery for the world’s second-biggest economy. The country was seen as one of the brighter spots for demand, given government pledges to reboot growth this half.
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