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China covid-19 outbreak halts copper price rally – MINING.COM – MINING.com
“We are just hitting the buffers here,” Saxo Bank analyst Ole Hansen told Reuters:
“Commodities had a phenomenal run, and that just screams correction.”
The outbreak in China and the upcoming Chinese Lunar New Year holiday may curb industrial activity. This, and slow progress suppressing the virus in Europe and the United States are forcing investors to reassess copper’s near-term outlook, Hansen said.
While some of the metal price declines were pared in afternoon trade in New York, investors took…
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