China’s zero-Covid policy and a struggling economy are weighing on demand, with climbing inventories lowering prices.
Metal prices powered to new highs in Spring on fears that rapidly rising energy costs would restrain supply.After powering to new highs in the Spring, metal prices continue to slide. Iron ore, aluminum, and copper have all fallen to varying degrees, and those merely represent the largest volumes. Meanwhile, the bulls continue to retreat while demand fears trump supply fears.
China’s Caixin index, which reports on industrial activity, officially entered negative territory last week when order levels fell. This came after two months of continued expansion. The country continues to struggle in the face of repeated localized lockdowns and power rationing. Both are mainly due to droughts, which have shuttered manufacturing across many provinces.
Meanwhile, the dollar continues to strengthen while interest rates creep up elsewhere . When the dollar rises, commodity prices tend to fall and become more expensive in other currencies.
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