LONDON: Copper prices jumped to their highest in over two weeks on Friday in a volatile session as investors cheered moves by top metals consumer China to ease Covid-19 restrictions.
At one point, copper sunk into the red after strong US jobs data initially raised doubts about an expected slowdown in the pace of interest rate hikes, but copper prices later rebounded.
Three-month copper on the London Metal Exchange shot up 1.4% to $8,455.50 a tonne by 1730 GMT, the highest since Nov. 15. LME copper has gained 5.5% so far this week.
US Comex copper futures gained 0.8% to $3.85 a lb. Investors welcomed news that top metals consumer China continued to relax COVID-19 testing requirements and quarantine rules in some cities on Friday.
China’s Covid policies, the world’s toughest, have stifled everything from domestic consumption to factory output and global supply chains.
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