The focus has shifted to increasing COVID cases in China at a time when the Russia-Ukraine conflict has been in the headlines for the past few weeks. Reports suggest that nearly 51 million citizens in China are now under COVID restrictions.

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China is the largest importer of crude oil, and the biggest consumer as well as producer of many metals.

Fresh COVID lockdowns, restriction on transport and travel and the shutdown of several companies is hurting metal prices. Hopes of a diplomatic solution to the Russia-Ukraine conflict are also influencing the prices.

Read Here: Shutdowns in China to impact automotive and chemical industry: Deepak Nitrite

Also, profit taking ahead of a Fed meeting this week -- wherein the US central bank is widely expect to announce a hike in pandemic-era interest rates, strength in the US dollar, and high trading margins weigh on the prices.

Almost everything, be it is base metals, ferrous metals or precious metals, has seen correction.

Steel hit a a two-week low, retreating from all-time highs last year, amid fears of restrictions on key raw materials such as iron ore and coking coal.

Dr Copper has eased to levels below $4.5 from an all-time high of $5.04 per pound.

Also Read: China COVID outbreak worries market watchers; say more speed bumps for auto sector ahead

Aluminium and zinc also have come off their highs. Aluminium is at the $3,400 per tonne mark, around 17 percent below its all-time high of $4,100 per tonne.

Similarly, zinc is near $3,850 per tonne, having cooled off after scaling a 16-year high around $4,135 per tonne.

Silver has eased to around $25 an ounce, off a nine-month high of almost $27 per ounce.

Gold has shed by one $130 per ounce in the last few trading sessions, after hitting a a high of $2,066 an ounce.

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(Edited by : Sandeep Singh)