Copper Gripped by China Fears as Prices Plunge Below $8,000
- Bellwether metal falls to lowest level since November
- Contango structure signals supply is well ahead of demand
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Copper fell below $8,000 a ton for the first time in six months as investors cool on the prospects for a robust economic recovery in China this year.
The metal has tumbled about 8% this month in the face of disappointing economic data from the world’s top consumer, wiping out gains seen following the end of China’s Covid-19 lockdowns. Poor domestic demand has forced smelters in the Asian nation to ramp up exports that have helped replenish inventories elsewhere.