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The most-traded August copper contract in Shanghai ended daytime trading down 3.1% to 60 660 yuan a tonne.
“Softening demand and concerns over a growth slowdown are dragging on the sector. We think improving Chinese economic activity will stabilize prices,” ANZ analysts said in a note.
“Inventories for metals are shrinking to multi-year lows. Supply challenges due to higher energy prices and other operational issues will allow little room for inventories build.”
Adding to demand worries, cities in eastern China tightened covid-19 curbs on Sunday as coronavirus clusters emerge, posing a new threat to the country’s economic recovery under the government’s strict zero-covid policy.
(With files from Reuters)
