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.
