Copper prices hit 17-month low over China restrictions, says report

Copper prices fell to 17-month lows on Monday as new COVID restrictions in top consumer China, slowing global manufacturing activity and a jump in inventories sparked demand worries and a sell-off.

Benchmark copper on the London Metal Exchange (LME) was down 0.8% at $7,982 a tonne at 1602 GMT. Prices of the metal used in power and construction earlier fell to $7,918, the lowest since February 2021.

"China's manufacturers have had an awful time. People are fearful of inflation and recession, but the probability of recession is less than 50%," said Dan Smith, managing director at Commodity Market Analytics.

"The market needs to