According to report, as most base metals price dropped on March 25th, China’s copper dropped to its lowest since February on market’s worry for the recession in the US.

The report showed the US Treasury 10-year note yields declined below three-month Treasury bill yields, the first time since 2017 as well as unsatisfying US manufacturing data. It seemed the yield curve inversion was a signal of recession.

Copper price was also an indication of how Chinese investors saw about the market. It went down 2% to RMB 48,120/ton on March 25th, the lowest since February 18th. Copper price on LME also down by 1.7% last week.

All other metals were down on March 25th on Shanghai Future Exchange (SHFE), especially nickel price dropped by 2% while nickel on LME dropped by 1.1%. Aluminum price was also down by 0.3% on LME.