The sell-off in global equities accelerated and commodity prices plunged as investor concerns intensified about the damage incurred by China’s lockdowns and coordinated central bank tightening on the pace of global growth.Shanghai has escalated its COVID-19 lockdown, sparking fresh demand concerns across commodity markets.
The toll of the country’s zero-COVID-19 strategy was evident in customs data released on Monday, which showed that China’s export growth in April weakened to its slowest pace since June 2020. The price of iron ore traded in the spot market dived 5.5 per cent to $US131.35 a tonne on the news on Monday, while the June contract traded on the Singapore exchange dropped to a three-month low of $US126.90 on Tuesday.
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