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Saturday, January 28, 2023

Shanghai copper hits 2-week high

MANILA: Shanghai copper futures rose to their highest in two weeks on Tuesday as top metals consumer China has decided to scrap quarantine rules for travellers, which is a major step towards further easing of its COVID containment policy.

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, moving further away from a strict “zero-COVID” policy that has curbed industrial activity and domestic demand and ignited public unrest last month. The most-traded February copper contract on the Shanghai Futures Exchange rose as much as 1.3% to 66,660 yuan ($9,576.21) a tonne in early trade, its strongest since Dec. 14.

Gains on boosted Shanghai copper’s monthly rise to about 3%, with the metal also supported by hopes of additional stimulus to shore up China’s slowing economy, including policy support for the ailing domestic property sector.

“Overall, the current macro environment is relatively favorable for copper prices,” Huatai Futures analysts wrote in a note.

Shanghai copper hits 2-week high

Source: Brecorder

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