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Commodity Exporters in Developing Countries Fret as China’s Worsening COVID Outbreaks, Protests Prompts Sell-Off

Commodity sellers in Africa, the Middle East and the Americas are becoming increasingly anxious over the situation in China, where days of street protests and COVID outbreaks across the country are weighing down the price of their key exports.

“On top of growing concerns about weaker fuel demand in China due to a surge in COVID-19 cases, political uncertainty, caused by rare protests over the government’s stringent COVID restrictions in Shanghai, prompted selling,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

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