METALS-Copper plunges as investors brace for coronavirus lockdowns

  • 10/28/2020
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(Updates prices) LONDON, Oct 28 (Reuters) - Prices of copper and other industrial metals fell on Wednesday as surging coronavirus infections raised fears that new lockdowns will stifle economic recovery. Stock markets and oil prices plunged and the dollar strengthened as Germany and France prepared new restrictions, Russia said the situation was worsening and hospitalizations and cases rose sharply in the United States. Benchmark copper on the London Metal Exchange (LME) was 0.9% lower at $6,740 at 1706 GMT, down around 4% from a 28-month high of $7,034 reached last week. “We’re talking about potential new lockdowns in Europe, with cases just galloping. It’s really hitting markets in the stomach,” said Saxo Bank analyst Ole Hansen.

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