LONDON Copper prices on Friday touched their highest since June as investors anticipated that China’s easing of coronavirus restrictions will boost economic growth and metals demand.
The yuan meanwhile rose to its strongest since September, helping dollar-priced metals by making them cheaper for buyers in the world’s biggest commodities market.
With China abandoning key parts of its zero-COVID policy this week, the country’s economic growth will keep picking up pace, state media CCTV quoted Premier Li Keqiang as saying.
Economists expect new yuan loans to have rebounded in November and state support for the metals-intensive property market helped push Chinese stock markets sharply higher.
Benchmark copper on the London Metal Exchange (LME) rose to $8,618, the highest since June 23, before slipping to $8,535.50 by 1700 GMT, down 0.1%.