Copper price down as growth outlook deteriorates.
“Individual metals aren’t really being driven by their own fundamentals, macro factors are driving metals at the moment,” said Caroline Bain, chief commodities economist at Capital Economics.
Japanese Bank Nomura said 41 Chinese cities were currently implementing full or partial lockdowns or some kind of district-based control measures, affecting 22.8% of the country’s gross domestic product. China accounts for about half of global copper consumption, estimated at around 25 million tonnes this year.
A growing number of home buyers across China threatened to stop making mortgage payments for stalled property projects, aggravating a real-estate crisis that has already hit the economy.
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