Copper prices extend losses to its lowest level since February 2021

Published on Jun 23, 2022 13:05

Copper prices extend losses to its lowest level since February 2021 as demand concerns escalate amid global central banks taking the tightening approach on policy rates. Dollar holding up is also not auguring well for the red metal that has fallen nearly 2% to $3.86 per pound, renewing 15-month lows. Besides, China stringent restrictions to achieve zero covid policy is further raising concerns for copper demand. Meanwhile, Chilean state-owned copper producer Codelco, the world`s largest, was hit on Wednesday by a nationwide strike against the miner`s decision to close permanently an allegedly polluting smelter in the country`s central zone.