Copper prices have returned to their autumn levels of 2021

The metal has lost more than 15% of its value from its highs in March of this year. Traders’ attention has been drawn to recent deteriorating consumption. The commodities markets exploded as a result of the Ukrainian conflict.

Many metals prices have re-entered record highs, but tighter monetary policy by international central banks and covid limitations in China have dampened rising demand and firms’ desire to stockpile metals. Copper sank 4.3 percent to $8,938/t Wednesday on the London Metal Exchange.

Other metals saw a drop as well. Furthermore, the price of tin dropped by more than 10%, a two-month low. Commodity markets are “catching up” to the stock market’s drop in the recent trading week, according to Ed Meir, an analyst with ED&F Man Capital Markets.

For the seventh session in a row, the S&P 500 index has fallen. “The dynamics of the six major metals appear to be broken,” the expert continued, “with none of them showing signs of an advance. The adverse characteristics of the metals market are mostly due to China’s epidemiological situation.

The zero tolerance policy for COVID-19 and the investigative lockdown of China’s main industrial cities, which has resulted in decreased demand, are the biggest sources of concern for merchants.