Copper prices, which decreased by 2 percent, were realized as 8,426 dollars per ton.
China's easing of covid-19 restrictions includes close contact of infected people and shortening quarantines for inbound passengers by two days. Still, the complete removal of covid controls may be a long way off.
Giles Coghlan, an analyst at broker HYCM, said: "Light protocols for Covid containment helped kick off the rally last week. The announcement of the 16-point real estate support plan is good news supporting the return of copper demand and supporting prices." used expressions.
A notice from Chinese regulators to financial institutions outlined steps to support the industry, including loan repayment extensions, in a major move to ease the deep liquidity crunch that has plagued the real estate industry since mid-2020.
Concerns about reduced copper supply in the LME market due to increased inventories weighed on prices, while the cash premium on the three-month contract fell from just $135 per ton to near zero.
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