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Copper hit by rising inventories: China covid risk weighs heavily on Cu

From capital.com

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)

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  • Category: Fundamental Analysis