Copper prices fell on May 6, 2022 as the dollar rose to a 20-year high and global stocks fell as concerns about a higher interest rate environment hurt global growth.
On the London Exchange, three-month copper prices fell 0.4 percent to $9,455.50 a tonne, hitting a four-month low on May 5, 2022. Copper, used as a measure of the health of the global economy, fell for the third consecutive week.
Contracts for June delivery on the Shanghai Futures Exchange fell 1.3% to 72,100 CNY ($10,783.89).
The dollar rose to its highest level since 2002 and followed disappointing industrial data from Germany – the latest in a series of weak economic results from major nations.
German orders in March 2022 fell more than expected, mainly due to a decrease in orders from abroad after the Russia-Ukraine conflict, affecting production demand in the largest economy. Europe.
“Demand in China is slowing, real estate and autos are key concerns,” said Bank of America analysts, reducing their 2022 copper forecast by 4.3 percent to $9,999 a tonne. .
In addition, copper prices fell as copper inventories in London increased by 14,325 tons to 168,800 tons. Inventories more than doubled from February 2022 when they hit their lowest level since 2005.

Peru pledged to review conditions around a major copper mine but said it would not lift its declaration of emergency, temporarily suspending civil liberties in the area.
The British government said it had sanctioned steel producer and mining company Evraz over the conflict between Russia and Ukraine.

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