Prices of most non-ferrous metals rose on Thursday, buoyed by hopes that demand from top consumer China will improve after the country gradually eased its strict COVID-19 restrictions.
Three-month copper on the London Metal Exchange rose 0.1 percent to $8,462 a ton, while the most-traded January copper contract on the Shanghai Futures Exchange edged up 0.3 percent to 66,030 yuan ($9,463.82) a ton.
China on Wednesday announced the most sweeping changes to its resolute anti-COVID-19 regime since the pandemic began three years ago, allowing infected people with mild symptoms to quarantine at home and dropping testing for people travelling domestically.
The US dollar remained weak after sliding against major peers overnight for the first time this week as investors fretted about a potential recession in the United States.
A weak dollar makes greenback-priced metals cheaper to holders of other currencies.
LME aluminum rose 0.5 percent to $2,498 a ton, zinc increased 0.4 percent to $3,195 a ton, tin was up 0.6 percent at $24,440 a ton, while lead fell 0.1 percent to $2,210 a ton. – Reuters
