Metal Prices Tumbled across Global Market due to Moderna’s Warning of Insufficient Vaccine Effectiveness

SHANGHAI, Nov 30 (SMM) – Moderna's CEO warn that the effectiveness of the current vaccine will drop significantly against the Omicron variant COVID-19, which drove up the risk aversion sentiments across the global market.

In the afternoon, Asian stock markets plunged collectively. The Nikkei index closed down 1.63%, South Korea’s KOSPI closed 2.42% lower, while the Shanghai Composite Index was relatively stable and dipped 0.12% as of 14:38.

In addition, US stock futures went down, and crude oil was sold off violently again. Brent crude oil and WTI fell by about 3.5%. COMEX gold rebounded quickly and returned to above $1,790.

The metals generally fell. Stainless steel fell by 1.34%, SHFE copper dropped by 0.86%, and SHFE nickel fell by 0.58%.