From Reuters via Canada's Financial Post, February 2:
Copper prices fell on Thursday as the U.S. dollar strengthened and demand in top consumer China remained slack after the Lunar New Year holiday.
Benchmark copper on the London Metal Exchange (LME) was down 0.5% at $9,041 a tonne at 1726 GMT and down 2.4% this week.
Copper surged from around $7,500 a tonne in November to $9,550.50 on Jan. 18 on hopes demand in China would revive after it lifted COVID-19 controls and amidst a rapid weakening of the U.S. currency, which made dollar-priced metals cheaper for many buyers.
However, Chinese consumption shows little sign of improving yet. Import premiums are falling and Shanghai exchange inventories increasing rapidly....
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One of the metal guys is quoted as saying "China is going to come back strongly" but that might not be the case. China is not "reopening"; China HAS reopened, this is it.
That was the point of January 31's "What If China Had A Reopening And Nobody Cared?"
