Copper prices soar after optimistic China news
Copper continued in its bullish short-term momentum and jumped toward $3.76 per pound or $8,274 per tonne, hitting the highest level since July. The price of copper increased most significantly in a single month since April 2021 as investors anticipate China to abandon its Covid-zero policy, which would increase demand.
China’s Friday announcement of a proposal to lower bank reserve requirements in order to increase the money supply served to further enhance the upbeat outlook. Authorities loosened restrictions on developers selling shares this week, adding to other steps taken to increase liquidity in the real estate market.