The pandemic’s resurgence in China has helped pull metals prices down from highs hit following Russia’s invasion of Ukraine.
Worries that new economic lockdowns will erode demand from the world’s largest commodity consumer have dragged aluminum and tin down more than 17% from their recent all-time highs. Copper, vital to everything from construction to electronics, has lost 8.5% since its March record, while zinc and lead are off 8.7% and 10% from this year’s highs, respectively.
Analysts say Covid-19 lockdowns and travel restrictions in major Chinese cities could weaken demand for metals, helping offset the supply-chain snarls and dwindling inventories resulting from the Russian invasion. While prices for many metals remain above prepandemic levels, their retreat from records eases some immediate concerns about supply shocks adding to an…
