Copper declines as dollar hits five-year high

Copper prices declined on Thursday under pressure from commodities and metals while the dollar rises to five-year highs against major rivals. 

China continues to lock down several major cities such as Shanghai and potentially Beijing as well to control the latest spread in Covid 19.

The Chinese government has announced new massive spending in infrastructure to spur growth amid a new Covid 19 wave.

US GDP contracted by 1.4% in the first quarter of 2022, while analysts expected a growth rate of 1.1%, and compared to the 6.9% growth rate in the fourth quarter of 2021.

US unemployment claims fell to 180 thousand in the week ending April 23 from the previous reading's 185 thousand, missing estimates of 178K.

The dollar index rose 0.7% to 103.6 as of 14:24 GMT, the highest since 2017, with a session-low at 102.9.

Copper futures due in May fell 1.3% to $4.41, as of 14:20 GMT.