Copper price jumped to its highest level in six weeks as rumors swirled about China loosening its strict covid-19 measures.
A former Chinese disease control official on Friday said that China will soon make substantial changes to its covid-19 policy, but did not give the basis for that information.“Our China economist is very skeptical about these rumors. He reckons that, with the low level of vaccination, the government is not going to move any time soon,” said Caroline Bain, chief commodities economist at Capital Economics.
Prices were also supported by the latest disruption to mine supply, with the Las Bambas mine in Peru saying on Thursday that it had“Chile’s copper output was down 4% in September, so everything on the supply side is really supportive for prices and exchange stocks are also very low,” Bain said.
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