Metals Rout Deepens as China Lockdowns Add to Growth Fears

Copper fell 1.5% to $7,682 a ton on the London Metal Exchange as of 12:20 p.m. local time, following a 4.4% slide over the previous two trading sessions

(Bloomberg) — Base metals slumped after China’s lockdown of megacity Chengdu added to demand woes. Copper continued to fall after recording its fifth consecutive monthly loss in the longest downturn since the 2008 financial crisis.

The Chinese metropolis of Chengdu will lock down its 21 million residents to contain a Covid-19 outbreak. The capital of southwestern China’s Sichuan province will be the biggest city to be shut down since Shanghai’s bruising two-month lockdown earlier this year.

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