Copper Soars To One Week High As China Demand Hopes Support Sentiments

30 Nov 2022 , 05:27 PM

Copper soared as risk-on mood returned on hopes over Chinas exit from zero-Covid policy and other policy stimulus. Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, an indicator which is seen as important for reopening the economy. Meanwhile, sentiments also boosted on bet that policymakers in Beijing will step up on recent stimulus efforts, after a statistics bureau report showed a slump in manufacturing deepened in November. COMEX Copper futures jumped following these cues and broke above $3.70 per pound today. The metal currently trades at $3.74 per pound, up 2.75% on the day. These are the highest levels in last one week. Falling US dollar also boosted the red metal.Powered by Commodity Insights