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Copper hit by rising inventories: China covid risk weighs heavily on Cu
Copper has fallen 5.2% in the last week, mainly due to rising stocks in metal warehouses across the world. Furthermore, news of a number of Chinese cities reintroducing mass testing, as well as Beijing closing down parks and museums hit the base metal hard. However, on Tuesday investors received a slight ray of hope, with copper up about 2.4%, mainly due to a declining US dollar (DXY). Unfortunately, it was still not enough to counteract the losses of the past week, in the light of new developments in top consumer China. chart Why has copper fallen so much this last week? Copper prices have been adversely affected ... (full story)