After peaking at over $480/lb. mid-month, copper prices declined by around 6% with COMEX first position stabilizing at $440/lb. by month’s end. This was primarily due to concerns over the impact of current COVID-19 lockdowns in China and an increased likelihood of more aggressive U.S. Fed tightening. Uncertainty has been heightened in recent weeks on two main fronts: i) the magnitude and duration of China’s current COVID-19 lockdowns in Shanghai and other key cities and ii) expectations for the Fed’s response to surging inflation and how this will impact real demand and risk appetite. While COVID-19 cases in Shanghai ... (full story)