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FxWirePro: Copper plunges lower to hit new 5-month low, worsening covid conditions in China dent demand

Chart - Courtesy Trading View 

Copper prices on London Metal Exchange (LME) hit 5-month low on China lockdown woes and firmer dollar. 

Tightening lockdowns measures in top metals consumer China stoked worries about demand, with a stronger dollar further weighing on the market.

Lower than expected Chinese Trade Balance figures for April has brought a sell-off in the commodities market.

China's Trade Balance for April, in Yuan terms, came in at CNY325.08 billion versus CNY441.88 as expected. Exports rose by 1.9% last month against the consensus of 16.4%.

Technical bias for copper is strongly bearish. Price action is slipping further into the weekly cloud. Price is on track to test 110-week EMA at 3.9619.
 

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