BEIJING- Copper prices dipped on Wednesday amid demand uncertainty fueled by rising COVID-19 cases in top metals consumer China, while geopolitical risks also weighed on sentiment.
Global stock markets were rattled as a deadly explosion in NATO member Poland, that Polish authorities said was caused by a Russian-made rocket, raised concerns the Ukraine conflict could spill over its borders.
Russia denies it was responsible.
The United States and its NATO allies are investigating the blast that killed two in Poland, but early information suggests it may not have been caused by a missile fired from Russia, US President Joe Biden said.
Three-month copper on the London Metal Exchange was down 0.2 percent at $8,361 a ton, having corrected down from a five-month high hit last Friday.
The most-traded December copper contract on the Shanghai Futures Exchange dipped 0.4 percent to 66,600 yuan($9,428.49) a ton.
COVID-19 cases kept rising in some Chinese cities including its capital city Beijing and southern city Guangzhou. In total, 20,199 new COVID-19 infections were reported for Nov. 15, versus 17,909 cases a day earlier.
China’s new home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday.
