London copper futures fell to more than two-week lows on concerns about slowing global growth

Federal Reserve Chair Janet Yellen said on Tuesday that the Fed should still be "cautious" on raising interest rates because the U.
S.
economy still faces global risks and it is uncertain
whether inflation will continue to climb.
The Fed decided to leave interest rates unchanged at its policy meeting two weeks ago, Yellen's first public speech
since then.
Her comments had a twofold effect, highlighting the fragility of the global economic outlook and exacerbating economic worries, but also weighing on the dollar, providing respite for dollar-denominated commodities
.

Market participants pointed out that the market was actually a bit overreacted too much
.
While there have been some improvements in terms of orders, falling inventory levels and reduced production, turning the market around is like turning a supertanker around, and it will take time
.
As a result, some weaker long positions have taken profits, and metal prices have fallen back to the adjacent support zone
.

Analysts said signs of recovery in China's property market were not enough to trigger a rebound in copper prices, which are also currently under pressure
from near-record highs in exchange inventories.
China's manufacturing PMI is expected to shrink for the eighth straight month in March, but the decline is expected to slow from February as a rebound in the property market boosts sales
of steel and other construction-related materials, surveys showed.

LME three-month copper fell 0.
5% to $4,868.
50 a tonne, off from a low of $4,850 hit since March 11
.
Earlier in the day, the contract rose as high as $
4,930.