Copper price rises despite China lockdowns, recession fears
Copper for delivery in December rose 1.4% from Thursday’s settlement price, touching $3.45 per pound ($7,590 per tonne).
[Click here for an interactive chart of copper prices]
Some districts of China’s southern tech hub Shenzhen extended covid curbs on Friday, but stopped short of a full lockdown, while the megacity of Chengdu went into lockdown late on Thursday.
Naeem Aslam, a chief market analyst at Ava Trade, said the curbs in China would have an impact on both supply and demand.
“If smelters are shut down you will have less supply, but it also means less consumption, so it’s a double-edged sword,” he said.
Market participants are increasingly concerned that Europe’s energy crisis will impact demand, according to ANZ research.
Related: Column: Surging copper demand will complicate the clean energy boom
(With files from Reuters)
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