Most active (December) CME futures $3.6000 up 0.0285 (+0.80%) in the electronic session.
The headlines/emotions are driven by China's lockdowns but the week to week pricing is based on the strength/weakness of the dollar.
First up, a quick hit from Mining.com, November 21:
Copper prices slid to near two-week lows on Monday, pressured by fresh covid curbs in China.
Copper for delivery in December fell 1.3% on the Comex market in New York, touching $3.58 per pound ($7,876 per tonne).....
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From the CME via TradingView the action over the last couple months:
And from ZeroHedge, November 21, Monday, Nov 21, 2022 - 07:40 PM:
What Reopening? China's Covid Restrictions Are Actually Tightening
By Ye Xie, Bloomberg Markets Live reporter and analyst
After the initial market euphoria over China’s reopening from Covid lockdowns, reality is settling in. Reopening isn’t as easy as turning on a water tap. It takes months of preparation to increase hospital resources, put jabs in the arms of senior citizens and shift the public narrative about the pandemic.
In fact, instead of loosening, China’s restrictions on social activities have strengthened in recent weeks. That should argue for investors to curb their enthusiasm.
Confusion. Chaos. More than a week after Beijing fine-tuned its Covid Zero strategy, local governments are struggling to balance the need to control the pandemic while also limit the economic damage. Shijiazhuang, a closely-watched city that had experimented with a version of “living with the virus,” has reversed course, suspending schools and asking residents to stay at home for five days. As infections multiplied, subway rides in some big cities such as Beijing, Guangzhou and Chongqing have tumbled.
The result is that Goldman Sachs’s Effective Lockdown Index has increased in recent weeks, despite Beijing’s new order to reduce the need for mass testing and citywide shutdowns....
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As noted on November 7 regarding the first thrust of the spike higher (on rumors of lockdown loosening):
...That, of course, was posted four days before the covid reopening story possessed the market and the most active futures jumped 9 or 11%, I don't remember which, it was sort of a blur.Of course.Welcome to my world.
