Global demand fears, Covid in China, soaring dollar slam copper prices

Copper prices fell on Monday as worries about demand in top consumer China due to new coronavirus restrictions, and elsewhere because of interest rate rises, were reinforced by the soaring dollar.
 

Benchmark copper on the London Metal Exchange (LME) was down 3% at $7,573 a tonne at 1601 GMT.
 

Prices of the metal used widely in the power and construction industries have dropped more than 40% since peaking at $10,845 a tonne in March.
 

"There was a bit of a rally last week, but the market is struggling again," said Liberum analyst Tom Price.
 

"China is trying to stimulate, but