Copper gains as China's Covid cases ease

LONDON, May 11 (Reuters): Copper prices gained on Wednesday as slowing Covid-19 infections in top metals consumer China eased near-term demand concerns, although enduring lockdowns limited enthusiasm.
Shanghai said half the city had achieved "zero-Covid" status, but uncompromising restrictions had to remain in place under a national policy.
Lockdowns in China and worries over aggressive US interest rate hikes this year have weighed on base metals, with copper hitting its lowest in nearly five months this week.
Beijing's reluctance to inject economic stimulus to bolster demand would continue to weigh on metals, said Caroline Bain, senior commodities economist at Capital Economics.
"The lockdowns in China have been the final nail in the coffin for demand. It has exposed how subdued demand has been," Bain said.