Rising prices: China’s Covid easing boosts commodity prices

oil production

Oil futures in New York and London rose.

(Photo: dpa)

Beijing The prices of commodities – from oil to iron ore to copper – have skyrocketed. The reason for this is a change in China’s zero-Covid policy: the country has shortened the quarantine period for travelers and close contacts of infected people. That raised hopes that demand in the world’s second largest economy could recover.

As a result, oil futures in New York and London rose by more than two percent, and prices for iron ore traded in Singapore rose by up to 8.2 percent. Copper, precious metals and agricultural commodities also rose in price.

The news out of China reinforced a rally that started on Wall Street. There, risky securities benefited from the lower than expected inflation data from the USA. A dollar indicator had fallen sharply from its 2022 high in recent days, benefiting commodities traded in that currency.

Copper, iron ore, steel: raw material prices are rising

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