Copper declines as Chinese factories reduce activities

Copper prices declined on Thursday as the dollar index strengthens while factories in China reduce activities, plunging demand on copper in China.

Copper-dependent factory operations in China have tumbled by quite a lot recently, in turn hurting prices.

Production has fallen as well in China, due to the new spread of the Omicron variants of Covid 19 in China, forcing the locking down of several major Chinese cities.

The dollar index rose 0.1% to 99.6 as of 14:19 GMT, with an intraday high at 99.8.

Copper is rather pressured these days due to the strength of the dollar, while concerns fade about the passage of ships through the Black Sea.

Copper futures due in May fell 0.8% to $4.70 a pound as of 14:13 GMT.