Copper falls 2% in first session of 2022

Copper prices fell on Monday,  the first session of 2022, after the markets returned from the new year holiday, while the US dollar edged higher against most currencies, amid focus on the pandemic developments.

Several European countries have recently seen record spike in daily coronavirus infections due to the Omicron variant.

The World Health Organization recently  warned that Omicron, spreading at the same time as Delta, is leading to a tsunami of cases

Investors fear the return of lockdown restrictions in major economies, which foreshadows a slowdown in the global economic recovery and demand for commodities and metals.

The dollar index rose against a basket of major currencies by 0.1% to 96.08 points as of 14:48 GMT, after hitting a high of 96.08 points and a low of 95.6 points.

Copper March futures fell 2% to $4.32 a pound, as of 14:40 GMT.