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Commodities Drop as Covid Spread, China Protests Worsen Outlook

  • Return to stricter lockdowns would further weigh on demand
  • Infections rise across country, including key production hubs
Bloomberg business news
Covid Protests Spread Across China
Updated on

Commodities tumbled as China’s Covid outbreak worsened and a series of stunning street protests in cities across the nation threaten to derail economic activity and sap demand for energy, food and raw materials.

Copper futures declined as much as 2% in London before paring some losses while gold slipped with a stronger dollar. In Chicago, lean hog futures slumped as much as 3.7%, the most in a month, amid the unrest in the world’s largest pork importer. Wheat futures fell 3% to the lowest since August and cotton futures dropped as the protests contribute to already lackluster demand.