Easing China Covid Restrictions Lift Copper By 1.5%

28 Jun 2022 , 02:29 PM

Copper prices were lifted more than 1.5% on Tuesday, as easing Covid restrictions in top consumer China improved hopes of revival in demand. Chinas Shanghai Composite index reversed an early slide to close 0.89 percent higher at 3,409.21 as health authorities cut mandatory quarantine period to 10 days from three weeks for inbound visitors. China on Tuesday slashed the quarantine time for inbound travellers by half in a major easing of one of the worlds strictest COVID-19 curbs, which have deterred travel in and out of the country since 2020. Besides, sharp decline to fresh 16-month lows in the previous session is expected to help build up good buying momentum in the base metal. COMEX copper futures are quoting up 1.61% at $3.82 per pound. Powered by Commodity Insights