Base metals in London and Shanghai dropped, with Chinese copper futures declining as much 1.7%. Iron ore in Dalian fell as much as 2%. Crude oil in Shanghai followed international markets lower, plunging as much as 5.4%. Cooking oil futures in Dalian tumbled as much as 3% on concerns over the threat to demand at restaurants and hotels already reeling from lockdowns.
The immediate cause of the public’s anger is the government’s restrictive policies to contain Covid, which have been blamed for contributing to a deadly fire in Xinjiang last week. Beijing could respond by further loosening controls – which it has already signalled is its long-term plan – or clamping down even more tightly as it seeks to quell social unrest.
An easing of restrictions, on the other hand, should boost the world’s No 2 economy, supporting demand for fuels and metals and lifting industrial power consumption. In the meantime, the uncertainty has sent investors scurrying for the haven of the US dollar, which puts pressure on international commodities priced in the currencyThe protests come on the heels of a new set of measures that promised fewer disruptions to containing the disease.
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