Copper price falls with China absent for Lunar New Year.
Copper rallied strongly in early January, reaching a seven-month high of $9,550.50 a tonne on Jan. 18, as the dollar weakened and speculators bet that the end of China’s covid-19 restrictions would boost economic growth and metals demand.
The market is waiting for data from China after its New Year celebrations, said WisdomTree commodity strategist Nitesh Shah.Even if Chinese growth revives, the global economy is expected to face a challenging year marked by geopolitical tensions, high inflation, and the energy crisis, according to the Eurochambres global economic survey published on Wednesday.
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