The sell-off in base metals continues after Beijing ratcheted up Covid containment measures. The confidence shock in the market has seen copper briefly dip below US$9,000/t. Despite this we expect demand to recover later; downside risks to prices dominate in the short-term market as cities in China continue ratching up with Covid containment measures. Industrial metals remained under sell-off pressure, with copper briefly dipping below US$9,000/t on Thursday in London after speculation that the capital city Beijing would begin a full lockdown. Officials initially denied a full lockdown but announced later that the ... (full story)